Sure the ASICMiner Block Erupter Cube can be used to mine any mineable alt-coin
It can only be used to mine alt coins that use the same SHA256 cryptography as Bitcoin.
You wouldn't be able to mine Litecoins because it uses Scrypt.
I have the same question as the initial poster. How do you mine altcoins with the cube?
Just point it to an alt coin pool. (SHA256 alt coin only)