I remember spending many hours as a young girl making these tubes of knitted yarn, and although the point was to coil and sew the finished corking into things like hotpads, I don't seem to remember any finished projects... (hmmm, sounds too familiar...)
So anyway, I just had to look it up on the internet and I found this website that backs up the name, and lists some others as well (I thought Knitting Nancy was particularly cute!), and also shows how to make the tool yourself. And here's a YouTube video that shows the process very clearly. (sorry - haven't figured out how to embed a video yet, so hope this link works ok).
My grand-daughter is only 10 months old, but now I know what to do with those old wooden thread spools that were passed down to me from my great-grandmother and you can bet that Rory will surely get a "corking" lesson when she gets a little older. Did you ever try "corking" when you were young? What did you call it?