Step 1 :Given the domain and range of the function, as well as its behavior on the intervals $(-\infty, 0)$ and $(0, \infty)$, we can infer a possible parent function.
Step 2 :The function $f(x) = x^3$ is a cubic function that is decreasing on the interval $(-\infty, 0)$ and increasing on the interval $(0, \infty)$, which matches the given conditions.
Step 3 :However, the range of $f(x) = x^3$ is all real numbers, which does not match the given range $\{y \in \mathbf{R} \mid y \geq -2\}$.
Step 4 :To adjust the range, we can shift the function upward by 2 units. This gives us the function $f(x) = x^3 + 2$, which has the desired range.
Step 5 :So, a possible parent function is $f(x) = x^3 + 2$.
Step 6 :To draw a possible graph of the function, we plot the function $f(x) = x^3 + 2$. The graph is a cubic curve that passes through the points $(0, 2)$, $(1, 3)$, and $(-1, 1)$, and it is decreasing for $x < 0$ and increasing for $x > 0$.
Step 7 :The transformation that was performed on the parent function $f(x) = x^3$ to obtain the function $f(x) = x^3 + 2$ is a vertical shift upward by 2 units.
Step 8 :\(\boxed{f(x) = x^3 + 2}\) is the final answer.