What is the free billabong tool used for?

Answer 1

I presume you mean the plastic wax come that comes with the pair of boardshorts?

rip curl give them away as well. Use the come to "roughen up" the wax on your surfboard before a surf for better grip. Cheaper than constantly applying new coast of wax.

Some of them come with a small Allen key (hex key) used for exchanging or removing fins from a surfboard.