it is very likely that this is merely a generic microSD to SD / USB adapter and that its relation to Action Replay is for convenience (USB) at best; it looks likely that Action Replay are using a well-known Wii Message Board exploit called “LetterBomb” http://wiibrew.org/wiki/LetterBomb
(which explains their need for your Wii’s Wi-Fi MAC address, as this exploit requires that, too)