The SparkFun RedBot Buzzer enhances the RedBot by enabling it to produce various beep-boop sounds or alerts in response to different events. It operates through two I/O pins on a controller board, generating noises based on the frequency of I/O toggling. The buzzer connects directly to the RedBot Mainboard via a 3-pin header or male to female jumper wires, and utilizes the RedBot library for sound detection and alarm functions.