The Ferret is the mascot of Orange Lounge Radio.
The ferret was a prize for attending the E3 event, given to Jamie. There are apparently only two ferrets of this type, hopefully a girl and boy. It seems to drive Skie and LOKI crazy How it's still alive after five and a half years, the listeners will never know.
Blackwolf has a hatred for the ferret which is often brought up in episodes. The hatred most likely stems from Blackwolf's show, the Bobby Blackwolf Show, having its own mascot, Clicky the Pen.
The Ferret is a part of the OLR Drinking Game. Every time the ferret appears or is picked up by the microphones, take a shot. Alternatively, take a shot and throw the shot glass at Blackwolf.