Electrical – identify this old audio cable

One of B1 or B2 carries live to the light fixture, and the other carries it to another fixture somewhere else. W3 carries live to the switch, and B3 carries switched live back to the light fixture. B3 is capped off temporarily because it could carry live, depending on the switch position.

To install your light fixture, you'll need to connect the light's live wire to B3, its neutral to W1 + W2 and ground to the other grounds. While you're working in there, wrap a piece of black electrical tape around the insulation at the end of W3 to indicate that it's carrying live, and do the same at the switch end too.

This is a circuit diagram, adapted from one I drew for a similar question:

I didn't show the ground wires because they would have made the diagram more cluttered and as long as they're all connected together, you're OK.

This is a GE device, though I think a Leutron or Leviton also make a pretty similar unit. Here's a link to it on Home Depot's website.

My experience with these units is that they fail very rapidly - I went through 3 of them in a year before I switched brands. You can see the comments on Home Depot echo this. They also can fail closed so that with a dead switch, everything is still powered and you have no way of turning it off - quite annoying if you ask me!

I would recommend that you replace it with another brand. They are not serviceable.