OMC Evinrude Johnson Shifter Cradle

The part number 332507, in the context of OMC Johnson and Evinrude outboards, refers to a shift cable used in their lower units. Specifically, it's the shift cradle for 40-50HP Johnson Evinrude engines. This shift cable is the mechanism that engages the gear shift when the shift lever is moved. 

Elaboration

Shift Cradle: 

This part is a component within the lower unit of the outboard motor. It's responsible for engaging the gears when the gear shift lever is moved. 

40-50 HP Engines

The shift cradle with part number 332507 is designed for use in 40-50HP Johnson and Evinrude outboard engines.

Lower Unit

The lower unit is the part of the outboard that connects to the engine and contains the gear shift mechanism, prop shaft, and water pump

OMC: 

Outboard Marine Corporation was the manufacture of Johnson and Evinrude outboard Motors, among other brands

Evinrude and Johnson 

These are the brand names of the outboard motors.