This is Cool758, a real razor phone that has built-in shaver. At the bottom of the phone, you remove the cap and you see a real razor.
Cool758 is a dual SIM mobile phone with a 2.6-inch LCD display, a 0.3 Megapixel camera, Bluetooth and FM tuner. It supports GSM900/1800MHz networks. I just wonder if you can talk and shave at the same time.
Update: The Cool758 is also known as the Rong Zun 758, here is a video demo: