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This tool is selected by default when any Toolbox tab opens. It cannot be deleted. The pointer enables you to drag objects on to the design view surface, resize them, and re-position them on the page or form
It has another use. In a Windows Form Application if you click on a control in the Toolbox, the mouse pointer automatically goes into the create mode for that control. After that if you click on the Windows Form, that control will be created there. For example: if you select BUTTON Control from the Toolbox and it will be created there.
But it may be the case that you do not want to create any control at that time. So in this case you can select the PointerControl from the Toolbox to cancel this operation. But you cannot do the same for any Web Page.
When you open the current pointer group of toolbox control. Its purpose is simple: drag and drop controls and elements in the VS.NET designer. This is much useful in windows app for grouping, selection the controls at shot
You cannot delete it from your Toolbox :)
Cheers
Ameen.S