I have used a similar product, or one that seals on itself. I had to splice some under ground cable and used this as an outer wrap to help seal the splice. To make this tractor related I did break the cable going to my septic system while digging out an area for an above ground swimming pool. /forums/images/graemlins/grin.gif
Sounds a lot like a high-speed band-aid to me. Might be great for a temporary fix on a drain but you know it won't hold up on a pressurized connection.
Might be a real good addition to the old roll of silver-duct-tape. /forums/images/graemlins/grin.gif