Can anyone identify this glassware?
The glassware isn't particularly valuable. Finding someone who wants it will be the problem. If you were going to buy it new, I'm thinking maybe $150.

It is indeed a distillation setup. The large flask is the pot in which you'd put the stuff that you wanted to boil. The small flask would collect the stuff that you boil off. The nipples on the condenser are for rubber hoses to connect to a water supply so that the condenser jacket can be water cooled. Water goes in on the bottom and out on the top. In order to use this you're missing some parts. 


You need a couple of ringstands and clamps to hold the whole thing together.
Two thermometers would go into the top of the condenser. One to monitor the pot temp, and the other to monitor the condensate temp. 
You need some metal clamps to hold the flasks to the condenser. 
You need something to heat the pot, a Bunsen burner would do.