Equipment refers to anything that can be worn.

Helm Chest Legs
Boots Gloves Shoulders
Sleeves Girdle Greaves
Rings Necklace
Main-hand Off-hand

Each item exist in many materials and quality. Most items range from rank, or r, for short 0 to 90 with the rank 0 being the basic things you can make from the very start, and the rank 90 requiring tens of hours of work to be able to make.

You can make the rank 0 trough 30 with the basic armoursmith or weaponsmith skill, while rank 40 trough 90 requiring the mastery version of the skills.

Most items can also be enchanted using the enchanting skill to make it even more powerful.