The 32:1 can split one input signal into 32 outputs or switch 32 inputs into 1 output. Use the reset to get lower counts and the direction control to add a dash of complexity to your mux. If nothing is patched into the in/out jack, it works as a 32 stage counter.
The LEDs count in binary, so just 5 of them...rather than 32.
This module is inspired by the 32 stage counter/multiplexor developed by Julian Driscoll and Warren Burt, although this version is a completely different & simplified design using 16:1 analogue switching ICs that will pass any voltage within the rails.