This wood shape called "Gohunzon", it is a buddhism religion. My mother in law own this, and everyday she sat at the front of this Gohunzon and pray, say the word " Nam - Myoho - Renge - Kyo ", she repeatedly say that for about 1 hour.
They say that when you pray at the Gohunzon and say the word "Nam - Myoho - Renge - Kyo", you'll be able to overcome your problems and your deepest desire will come true. Good karma will come in and bad will come out and disappear.
That paper hanging inside the Gohunzon is written in a Japanese word , i don't know what it means but they say it is sacred.
I am a Catholic person, I just knew all of that because everytime they have a meeting here; called 'Shakuboku meeting', i join them and listened their experience of how Buddhism affect their life.
However, we may be have different beliefs in religion but only just one we pray. Still, the decision is on you to make of where you want to be a part of the religion you want.