Quote:
Originally Posted by koxal
A friend of mine's father is a pilot and he gave this to me.
This red piece of cloth is put on the missile's igniters and needs to removed before flight to release them...
I decided to use as a key chain... 
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Nice! I'm a pilot and have the same keychain, except it's repeated on both sides. I think you're exaggerating a bit though. This doesn't meet any MILSPEC criteria and wouldn't be anywhere near an aircraft, let alone a missile. It's just a novelty souvenir/replica.
These are all over military/commercial/general aviation and are used to tag covers, plugs, and other items that are temporarily installed and must be removed before flight.
My Cirrus SR22 has a bunch of these tags when I park it long term, including the most crucial which keep the propeller from windmilling (and accidentally turning over the engine).