I read the manual at replacementdocs.com and it mentions only "look at" on objects - did not specify if it is in inventory though.
The magnifier icon is a magnifying lens.
Magnifier - Look and examine:
If you place this icon over an object you can get some information, the magnifier pulses. If you click your left hand mouse button, Jack will describe the object and a written description will also appear on the screen.
Ah - found another info:
By pressing the right mouse button you can change the cursor to call different actions or by pressing the right mouse button calls up the bullet from which you can choose the desire action. Aha!
So Mad - right click and then find the magnifier. Voila!