What is this? Answered

.47 uF 250V capacitor.

I'm guessing it is there to protect from spikes from the high voltage ring tone.

 Thanks I thought it was a capacitor but wasn't sure.

The OTHER part next to it is a little audio transformer. (the light brown transformer).   You can use them to build a ground loop isolator.  Just attach your RCA jacks to the input and other rca jack to the output... and you have a ground isolator. Usefull to eliminate hum in audio when interconnecting some devices to other devices.

that particular piece would be called a capacitor i believe. i forget what type it is though