hmm... your new i take it, no problems, its fairly easy to make items.
Instructions:
1. Go into the Object Editor (HKey = F6)
2. Go under the items tab.
3. Click "New Custom Item" (HKey = CTRL+Shift+N)
4. Select the item in which you wish to make an item over as a base item, EG if you wanted to make an item which has a permanent effect as long as you have it in the inventory, i suggest using a permanent item like an orb. Give the item a name.
5. Find the abilities that you want the item to have in the ability editor and edit them. Go back to your own new item and add the abilities. Done...
If you need further help, dont forget to PM me.