The RAS is made by Knights Armament, and is one of the various aftermarket rail systems designed to:
1) replace the existing handguards
2) provide a rail system to mount optics further forward than the standard rail you get on your flattop.
The RAS is basically replacement handguards with rails on all sides. You can mount optics, a flashlight, night vision, or whatever on those rails.
Some of these aftermarket rail systems mount directly to the reciever and and have a "free-float" design, meaning it doesn't touch the barrel at all. Many swear by this and claim that it increases inherent accuracy. I think Knights makes several versions of the RAS, both free float and non-free float (but don't quote me on that).
By the way, the MOST important aspect of using one of these, in my opinion, is to mount optics much further forward, giving much better field of view.
-Jim