It's an anterior fragment of a polychaete worm in the family Nereididae. Normally the jaws (what you called the fangs) are inverted inside the body then pushed out to capture food or for defense. Different species are carnivores, herbivores, detritvores, and omnivores. Nereids that are carnivores tend to go after other worms, small crustaceans, etc. As far as I know you don't have to worry about it feeding on corals.