Steel wool is NOT what you see in there. If it were to come into direct contact with the glowing hot coil it would ignite! (I just tested this with an old cartomizer atty to check my theory and it holds true)
That is a type of metal foam, I am not sure what metal it is, but I am sure I have seen the actual details somehwere here in the forums if you search for it.
But, anyway - please don't actually try it. If it gets anywhere near to being dry at all - it will be quite the show
Take care,
- Hap