The V-Cube is a standard video game console which resembles a mix of many different real life video game systems over the years, notably the X-Box and the GameCube. The system appears to be both expensive and fragile, as Timmy's exploded from over-use and he had to get a basketball contract to afford a new one.
The console is gray and green, and is cube-shaped with a "V" across the top of the case, and V-Cube written on the side. The control pad connected to the console by wire, and consists of four buttons and a joystick. There is also a slot in the console for inserting cartridges.
Timmy Turner wanted to raise money to repair his V-Cube, which he destroyed due to overuse of play, but he did not have enough money on his own nor would his dad buy it for him, since Timmy had earlier selfishly refused to share a game with him. Since his father had watched his V-Cube melt down, Timmy thought he might suspect something if he simply wished for a new one, so he decided to get a job to earn it the hard way instead. Timmy decided to play for a professional basketball team the "Dimmsdale Ballhogs", but they were absolutely horrible, and their owner Doug Dimmadome wanted to move the team to Alaska, although Timmy was able to turn the team around with both magic and by convincing them to work together. Eventually, Timmy was (reluctantly) paid by Doug Dimmadome, and after helping his team win the championship, Timmy used his money to buy a new V-Cube, which he gave to his father as an apology for his earlier selfish behavior.
The V-Cube's name is a homage to both the GameCube (in name) and the X-Box from which the V-Cube's design was derived. It also uses cartridges instead of discs much like older video game systems, and the control pad resembles that of the Super Nintendo Entertainment System but with a joystick instead of a direction pad.
The V-Cube catching fire and exploding in the episode may also be a reference to technical problems relating to the X-Box system's cooling, which caused some consoles to literally catch on fire.