By itself this generator is basically a toy. The operator turns the crank, and he or she produces enough electricity to light up a old style, incandescent, flashlight bulb.
No doubt there are going to be questions like:
"How can I make/modify/improve this thing so it can power/recharge my cell phone/ mp3 player/ vibrating massage wand/ etc?"
Such things may be possible and maybe even practical, however the goal for now is simply to light up a flashlight bulb. Any designs more complicated than this will have to wait until a later instructable.
BTW, I apologize for using a blurry picture as the "main" image for this instructable, but this actually the best photo I've got that captures this generator in action. I'm guessing this photo is clear enough to see what's going on, but if you need a few hints: The big blue thing in the background is Jack's tee shirt. The bright pink-white blob is the light bulb, with current being driven through it. The almost invisible blur on the left side of the picture, is Jack's hand turning the crank.
The second pic is a still shot of the generator on my workbench.
The third is another action shot, but this time with the generator clamped in a vise so it won't move around so much and make the picture blurry.