What's the Y-Not used for?
The Y-Not is an A/B/Y switch - it can switch one audio signal to two outputs. Most often, it would be used to switch between two amps so you can have a clean amp and a dirty amp and switch between them automatically, as if they were two channels of a single amp.
You can also use the Y-Not to switch between the inputs of a multiple input amp, to make it work like a channel switcher.