Can someone tell me what the hell is this?
 

His name was Seven.

In September '99, weird promos began filling the WCW television screens, of a dark wrestler coming to the federation. It continued for a few months, building up the action, until November '99, when "Seven" floated to the ring, wearing black with white facepaint on. But after landing, "Seven" tore apart the character, bashing the WWF for their creation of the "Goldust" gimmick, and once again became known as Dustin Rhodes. He then started a feud with Jeff Jarrett, attacking him sometimes from the crowd.

For sure I thought this was going to be about 'that' picture.

A brief summary of the character from wrestlecrap:

Se7en: Dustin Rhodes channels the spirit of the Undertaker, dips himself in white paint, then stares in little boys' windows with a pale horse named...umm...Pale Horse. Then he says it's stupid and kills the gimmick. Well, can't argue with the guy there.

Hey look, it's Powder with a hat

It seems that wrestling bookers think that adding a hat will make someone look completely different than their past gimmick/who they're copying.

*cough Undertaker cough*