It's roughly 400 times hotter than Tabasco. So it's not that hot**
I grow habaneros every year. I can't grow a tomato to save my life but I ended up with four gallon freezer bags of habaneros last year. I marinate them in oil and have eaten them on burgers. I put them in home made pickles for bloody marys. I made salsa out of fresh habaneros, dried cayennes I grew, and fresh jalapenos. I have yet to find hot wings in any joint that did more than make me sweat a little and want to take a few extra sips of beer.
That being said... I want to say some company in India is using ghost peppers to make non-lethal smoke grenades and pepper spray. It's 17ing wicked hot. If you cut it and put heat to it, for the love of all that is holy, do it outside. When I cook with habaneros, I go outside and use the side burner on my grill. There are a few things I might try with it, though. One would be to cut it up and put a small bit in some homemade pickles. Other option is to dry it out, run it through a spice grinder, throw that grinder away, and use just a few flakes in some marinades from time to time. If you want to make a salsa, you're going to want to boil it in some vinegar outside, but a cheap blender, puree it up, and then use small amounts of that vinegar mixture in some fresh salsa. Last thing I'd try would be in enchilada sauce. Go to Rick Bayless's website and find the recipe for enchiladas tacuba. The sauce is made with spinach, poblanos (pasilla), chicken stock, and milk. The milk kills the poblano spice, so I will add habanero to the blender as well. The milk hides the heat... but I might just use a small slice of it per batch.
It will be a different pain. Mrs. Renfro's makes a ghost pepper salsa that is tamed down enough that I can enjoy a decent amount of chips with it. But it just burns different. It hurts more than burns.
Oh.. and it took something called the Trinidad Moruga Scorpion to knock it off the top of the hottest pepper list.