I've seen the word 'frob' used several times in discussions about System Shock 2, such as at:

http://www.ttlg.com/forums/showthread.php?t=78023

"Does the data just sit in your inventory modifying stats or do you have to frob it or what?"

What does 'frob' mean, please? From the context, it seems to mean use or extract somehow, but I'm not sure.

"right click to use"

Should be called RCtU then, no? 

No. The term has a bit of history behind it.

Just remember to wash your hands after frobnicating.