You probably mean 'selector'. It's a toggle switch on a double barreled shotgun that allows a shooter to choose which barrel fires first. This is especially handy when hunting, because you can select a barrel that corresponds with your distance to target using two different chokes. Chokes are constrictions at the end of the barrels that determine the grouping of the shot--and therefore their effective range--so having two different settings in one gun allows you to have two different ranges available with the switch of a button.
It can depend on how it is wired. Generally one would assume that a speaker seletor is for one set of speakers. It is possible to wire a selector to connect more than one set, but one should be aware that if putting speakers in parallel the impendence will be lowered, e.g. two 8 ohm spks in parallel will equal a 4 ohm load or appx half the original value, if the load gets to low, e.g. 2 ohms or less, the load can look like a short across the speaker terminals and cause the amplifier overload and burn out the output.