In-Game Examine Window

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Fishbone Earring LEGENDARY LORE  NO-TRADE  ORNATE +20 int +20 sta +333 vs elemental +333 vs noxious +333 vs arcane Water Breathing   Slot Ear Level 32 (Tier 4)   Effects: Applies Water Breathing when Activated. Lasts for 12 hours. Allows caster to breathe under water Obtain: Reward from the heritage quest, Hadden's Earring.

What does this information mean?

Examining this equipment, while it is in your inventory and not equipped, gives you the option to turn it into a house item called The Legendary Fishbone Earring