The two metal bars down the sides with the prongs sticking out were connected directly to the AC plug (with a switch that turned them off with the lid open, of course). You pushed the hot dog ends onto the prongs and closed the lid. Your household AC went directly through the hot dogs, and 60 seconds later they were done!
https://www.youtube.com/watch?v=bCNU9TrbiRk
The story is that this baking technique came about as a necessity during World War II to save energy, although I'm not sure if that's actually true.