Simple arrays can do all that. But first you must think about what information you need specifically. Items need names so you need an array for names.
You definately need to track what hp damage something does (if it's a weapon) and if you want weird powers you need arrays for that too.
dim Item(50,10)
Item$(1)="Fire Sword" ` Item Name
Item(1,0)=2 ` Item Wearable Status 0=Can't Wear Item 1=Helmet 2=Weapon 3=Boots 4=Gauntlet 5=Ring
Item(1,1)=20 ` Item Weight
Item(1,2)=100 ` Item Price
Item(1,3)=1000 ` Item Strength 0=Broken Item
Item(1,4)=10 ` Normal HP Damage
Item$(1,5)=0 ` Cold Damage
Item$(1,6)=15 ` Fire Damage
Item$(1,7)=0 ` Wind Damage
Item$(1,8)=0 ` Earth Damage
Item$(2)="Leather Helmet"
Item(2,0)=1
Item(2,1)=5
Item(2,2)=10
Item(2,3)=200
Item(2,4)=0
Item$(2,5)=0
Item$(2,6)=0
Item$(2,7)=0
Item$(2,8)=0
Item$(3)="Brittle Boots"
Item(3,0)=3
Item(3,1)=10
Item(3,2)=0
Item(3,3)=2
Item(3,4)=0
Item$(3,5)=0
Item$(3,6)=0
Item$(3,7)=0
Item$(3,8)=0
Equipment (not worn) could be tracked in just one array.
dim Backpack(100)
Backpack(0)=2
Backpack(1)=3
Using the item list created above the backpack contains item number 2 and 3 which are the Leather Helmet and the Brittle Boots.
Equipment you're wearing is easy too.
dim Inventory(10)
Inventory(0)=0 ` Helmet Slot
Inventory(1)=0 ` Armor Slot
Inventory(2)=0 ` Belt Slot
Inventory(3)=0 ` Left Hand Slot
Inventory(4)=1 ` Right Hand Slot
Inventory(5)=0 ` Boot Slot
Inventory(6)=0 ` Ring 1 Slot
Inventory(7)=0 ` Ring 2 Slot
With 1 on Inventory(4) that means the Fire Sword is being worn by the character.
Now here's character stats.
ChrName$="Biff Brackabridge"
dim Character(15)
Character(0)=1 ` Character type 1=Fighter 2=Mage 3=Cleric 4=Thief
Characger(1)=1 ` Sex 1=Male 2=Female
Character(2)=2 ` Race 1=Human 2=Elf 3=Troll
Character(3)=1 ` Level
Character(4)=0 ` Experience
Character(5)=20 ` Strength
Character(6)=18 ` Dexterity
Character(7)=10 ` Intelligence
Character(8)=18 ` Constitution
Character(9)=7 ` Charisma
Character(10)=10 ` Chutzpah
Character(11)=100 ` Current Mana (this number goes down at casting)
Character(12)=100 ` Max Mana (this number only changes at level ups)
The above info says that we have a character named Biff Brackabridge and it's a Male Elf Fighter at level one with zero experience. He has good strength, dex, and con... he's not very socialable (7 charisma) but he's got a lot of mana for magic.
I'm sure you can figure out the rest. If you're in the middle of programming and you decide to add a new ability to items/characters... just increase the dim statement and go for it.
You're only limited by your imagination.