Yup, that's a knitted umbrella or parasol, pattern found at Knitty.com here.
Knitting is really getting wild. Shoes, espadrilles, birthday cake, vegetables, Fiestaware tea set, flowers, digestive systems, and more!
You want to see some crazy knit stuff? Check this out...http://www.stitchymcyarnpants.com/moks06/Be careful, the text can be offensive, but the pictures are all you need to see.What possesses some people to make this stuff?
sara, I tagged you for a meme! Oh...and neat parasol. Never would have thunk it! :)