What it does is scan your LiveJournal, then resort what you've written, to produce nonsense. It's much fun and very addictive. Bill warns that it only works on paid accounts, however.
To do it for yourself, simply click on the 'this' link above and click 'File' then 'Open.' Copy the URL from the dissociator page into your 'Open File' dialogue box. Substitute your paid LJ account user ID for mine (aerden) in the URL and click the 'OK' button. A page will be generated, containing material from your paid LJ account.