I think it's probably for wood, but you have the right idea, I posted a side view of it here:
http://img.photobucket.com/albums/v80/harnett65/
pic150c.jpg
This one isn't really used as a hook, nor is it for crates or barrels. I thought it was an odd shaped screwdriver when I bought it, but I've since found out that it's used for something entirely different.
Your first guess here is closer than your second.
Looks like a clamp, but that's not what it's used for. It has a specific purpose other than just holding something.
The last part of your answer is correct, according to the guy who sold it to me it's a Civil War hammer/tent peg. He also mentioned that to spread out the weight of carrying these around each soldier's horse would carry just one peg.