Gyroscopes can be very precise navigational tools. If they are well-balanced and there is no gravitational torque (or torque from anything else) then a gyroscope with a particular angular momentum should maintain that direction. A rotating gyroscope in a plane, for instance, will keep pointing in the same direction even when the plane changes direction.
Toy gyroscopes are generally built so that there is a torque from the force of gravity acting on the gyro. This is a good example of impulse in a rotational setting. A gyro with an angular momentum that is anything other than vertical will feel a gravitational torque directed horizontally, perpendicular to the direction of the angular momentum.
According to the impulse equation, ΔL = τ Δt, the torque will produce a change in the angular momentum, with the change in momentum and the torque pointing in the same direction. This has the effect of rotating the gyro's angular momentum about a vertical axis - this is known as precession.
We'll add a mass to our precessing bicycle-wheel gyroscope at about the point where the cut string was. What does the gyroscope do?