Close encounters of the botanical kind

As those of you on the east coast know, we've been getting a large amount of rain lately. Some of that rain caused this monstrosity to grow in a corner of our lawn (it's linked to more pictures). Anyone know what it is?

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Update: It's a stinkhorn, specifically mutinus elegans. (Or possibly mutinus caninus; they look identical) Thanks to janne and eyelessgame.

And it's gone, thanks to emergency midnight gardening.