The clockwork suit (or Penguin suit) is made during and after the Cold War quest.
It is made on a Crafting table 3 in the workshop of a player-owned house with a clockwork, a plank, and silk, by selecting the Clockwork toy option, followed by Clockwork penguin.
With the suit, the player can become a penguin by talking to Larry (or by using Larry's "Tuxedo-time" right-click option). Larry can be found at the Ardougne Zoo, the pier south of the Rellekka Hunter area, the penguin iceberg, and the Lumbridge sheep farm. Note that in order to wear the suit, you may not have anything in your hands and you are not allowed to wear a cape.
Wearing the suit opens up a possibility of performing 8 unique penguin emotes. The suit is required in order to access the Penguin agility course on the Penguin Outpost.
The Clockwork Suit can be wound and released, like the toy mouse can. You can then catch it for 12.5 Agility experience. If you release the suit and then teleport away, you will not be able to retrieve it.
For now, this device can only be worn with the assistance of Larry.