A marking and signaling tool may include one or more lights and a sound generating device within a housing. A protective sheath may be positioned about the housing and permit light and/or sound to exit from the housing. An actuator may be provided to permit a user to select one of a plurality of illumination modes. One or more of the illumination modes may include the creation of sound. The housing may include a plurality of magnets for adhering the tool to a magnetic surface.