I have heard of it for quite some time, I believe an explanation doesn't exists. But what can be the explanation. Any guesses? Can it be explained without invoking Quantum or other such higher Physics? What can be its implication (I guess earth also spins hence earth interchanges its magnetic poles because of this phenomena. I'm not sure I'm just wild guessing) How can we benefit out of it. That is can we build something interesting or profitable out of this phenomena.

Maybe it's just conservation of angular momentum: if you look closely, you can see that the spin axis and the way she applies the force aren't perfectly tangential to the object's axis, so the lower point of the T-shape is "bouncing" between many positions. If I'm not mistaken, this is explained by the "intermediate axis theorem".