You can also dump it in the Inventor's Workbench if you have one, And make inventions with it. Or sell it in your sell box as mentioned; Pretty much everything can be sold there, even things you really shouldn't sell like Homework, Unique items like Pengu's Axe (Well, you can get another one, but it's a pain) One-time items like the Core for the final Inventor's invention opportunity, etc.
Really, if you never plan to touch the Inventing skill, you can sell it. But if not, it never hurts your sim to have things in thier inventory. It's virtually unlimited; You can carry a dozen cars around and it won't slow your sim down. =P And I highly recommend the Inventing Skill; You can unlock quite a few new outfits (And matching hairstyle, shoes, etc) with one of the later inventions, and the opportunity chain for the ultimate invention gets you something pretty cool. And you can get lots of unique items, and even some handy items for around the house.