A steel parachute? Do you have a pic or link by chance? That's a new one for me, never seen something like it. I'd love to check it out, sounds great!
If you're referring to the "steel parachute" being a "cock ring" that wraps the scrotum... that's not a parachute.
Here is a parachute- (with or without spikes)
http://stockroom.com/Spiked-Parachut...her-P2331.aspx
Here is what I think you're referring to-
http://stockroom.com/Dual-Contact-El...her-P1622.aspx
This is the crusher I believe you are talking about, it's extremely high priced for what it is. It's technical term is a "twitch" it's used for horses. Hardy Haberman's book "Family Jewels" goes in depth on how to use them correctly.
http://stockroom.com/Torquemada-Ball-Crusher-P4641.aspx
Cheers,
Maitresse Renee