Sorry, should've specified. I'm on PC/PS3.
Pick it up by casting it, press E to take it (into your invertory) or release the spell (button) to propel it. It's usable to cause distractions, for example throwing something at hanging bones in bandit lairs.
It also has a very valid use in Fus-ball.
lol I could imagine in Skyrim: Fus (Ro-Dah) ball. A bunch on Nords chasing a leather ball and knocking it around with the Thu'um