Open up the case and find out. Is it marked magic/more magic? =) Most likely a ROM switcher er..switch.
Magic/more Magic... LOL!
Probably a ROM switcher, but maybe a sound filter switch? Does the power light dim or
go out when you flick the switch?
If its a Kickstart ROM switcher, you need to turn the machine off and boot again in order
to notice a difference (after you've flicked). You might have 1.3 and 2.04 in there. Unlikely
it was upgraded to 3.1 without the seller mentioning it.