Does the 'Oracle of Knowledge' do anything?

Hint 1 of 8:

Have you tried experimenting?

Hint 2 of 8:

Put anything into it?

Hint 3 of 8:

Doesn't seem to do anything, does it?

Hint 4 of 8:

It does work; you just need something you don't have yet.

Hint 5 of 8:

You'll find it later.

Hint 6 of 8:

MUCH later.

Hint 7 of 8:

Someone later will tell you what you need to make the Oracle work.  You won't
find it until much later in your quest.