Despite the obvious use of a lot of wire, this project is actually a wireless charging system. [Jared] built it as a way to explore the concepts behind transferring power inductively. Alternating current on one of the white coils induces current on the other. This is then rectified, and regulated for use as a 5V charger. In this case it powers his iPod, but any USB device should work with the setup.
The transmitter uses the power supply from an old laptop as a source. Some filtering and a couple of MOSFETS are responsible for generating the AC current on the transmitting coil. The receiving coil feeds the bridge rectifier. In the writeup that voltage is fed to a 7805 regulator to provide a stable 5V output. However, in the video demo after the break [Jared] shows off the boost converter that he uses on his improved circuit. This way if the voltage drops due to poor alignment of the coils it will still be able to provide a steady output.
We’ve seen the same coil concept used to add wireless charging to cellphones too.