That's the sound a rap musician makes when he puts his hand on a record and manually forces it backwards and forwards to make that abused record sound in modern music.
Who the Hell ever thought to do this? And why? The sound is readily recognizable as someone manhandling someone's record and turntable, but is it even a musical sound? I can make the case for cracking a whip in the song Sleigh Ride, although it's actually done with a wooden device with two flexible limbs that are slapped together, but scratching a record backwards against the needle isn't all that interesting. The sound is grating, and more suggestive of vandalizing someone's high fi equipment than making music, and maybe that is in keeping with the rebellious nature of rap.
I can see it being done in a song to musically shock people, maybe once, but using old record players as musical instruments necessary in every band, I don't get. It's like making a recording of a guy playing a record. I'm not ready to accept this as music, and I still don't think old record players are musical instruments.
I found this. Apparently it is called 'scratching'. I didn't know that.
A Brief History of Sctratching
http://www.factmag.com/2015/09/24/a-brief-history-of-scratching/
I wonder if you recorded a song with scratching in it, and played it back real slow if you could identify the record being scratched.