Problem with picture!

looks to me like it was used for an old radio/amp/stereo set up a previous owner had?
 
It actually looks like you have a 1sty grounding kit. (a member on the forum screen named 1sty designed a grounding kit that was really nice a few years ago.) It definitely looks like the red kit. There is a How- to on installing this kit. You should definitely take a look at it. From where the loose ground wire is....to where it attaches to: look passed those two solenoids(someone correct me if I am wrong on them being solenoids) to the other bolt ontop the intake manifold, you should see anotherground wire attached to that bolt. Thats where the loose wire attached to.
 
Here is the pic that you need.
 

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