I often use this exercise as a quick left-hand warmup. It's great for loosening up your left hand, especially for more complicated chordal work. It's also an excellent study for left-hand coordination and control. The concept is to play chromatic octaves starting on the low open E string entirely in first position. We will move up chromatically starting on the low E up to the G# on the first fret of the third string.
Superimposing common arpeggios can add a new and exciting sound to your solos, helping you to utilize patterns and shapes you already know. When we "superimpose," we take one sound and layer it on top of another. In other words, when playing over a particular chord, you "think" a different chord in your improvisation. All it takes is modifying your approach over the chord you're playing over.