Items
Kokiri Sword- This is the sword Link starts out with. It looks different from the OoT one. It is the weakest sword in the game.
Razor Sword- This is the second sword in the game. The smithy forges it for 100 rupees once you thaw his forge. You can strike with it 100 times before it turns back into the Kokiri Sword. And if you go back in time, it changes back also.
Gilded Sword (picture unavailable)- This is the strongest one-handed sword in the game. The smithy forges it for you once you have the Razor Sword and some Gold Dust. This sword never changes back to a Razor or Kokiri Sword.
Great Fairy Sword (picture unavailable)- This is the strongest sword in the game. It requires two hands to wield so Link can't use his shield while this is equipped.
Hero's Shield- This is the shield Link starts out with. Unlike the Deku Shield in OoT, this is a metal shield so it won't burn. And it's still light enough for young Link to use.
Mirror Shield (picture unavailable)- This is the second and last shield in the game. It works just like the Mirror Shield in OoT and can reflect light and certain attacks. It's bigger than the Hero's Shield too. It is found in the Ikana Canyon Well.
Hero's Bow- This bow is found in Woodfall Temple. It is good for hitting far-away and flying enemies.
Fire Arrows- These magic arrows are found in Snowhead Temple. They are good for melting ice and burning cobwebs. They are also essential for lighting far-away torches. They consume Magic Power when used.
Ice Arrows- These are found in the Great Bay Temple. They are used to freeze enemies into stepping stones and freeze water for various reasons. These also consume Magic Power.
Light Arrows- These arrows are found in Stone Tower Temple. They are extremely powerful and work well against dark enemies. Some switches can only be activated by Light Arrows. These arrows consume more Magic that Fire or Ice arrows.
Hookshot- This works just as it does in OoT. It can pull Link up to high places and such. It can also pull enemies closer to Link. It is found in the Pirates Fortress.
Bomb- These also work the same as OoT. It does tons of damage to enemies and can blow up cracked walls. You need a bomb bag to carry them, which can be purchased at the bomb shop.
Powder Keg- These are the most explosive bombs in the game. Only Goron Link is strong enough to carry them. They can be purchased at the Bomb Shop or in the Mountains. Some boulders can only be removed by using a Powder Keg.
Lens of Truth- This is found in a cave in the Mountains. It can reveal invisible things to Link.
Link- As I said before, Link is the main character in every Zelda game. He is on a journey in the new land called Termina looking for a lost friend whom I think is Navi. Two fairys (Tatl and Tael) scare his horse and knock him off. Skull Kid then steals his horse and his ocarina.
Deku Link- This little guy is Link in his deku form. He is the lightest and weakest of Link's forms. His attack is a spin attack and his best ability is the ability to use deku flowers to fly short distances. 
Goron Link- This is Link when he wears his Goron Mask. He is the heaviest and has the greatest physical strength. His attack is a ferocious punch. He also can roll at high speeds and do a ground pound. He can also withstand great heat.
Zora Link- This is Link's Zora form. His attacks are karate style attacks. He can swim really fast and breathe underwater. He can also fire boomerangs and make an electric barrier around himself.
Fierce Deity Link- This is Link's most powerful form. He is some kind of superwarrior with a huge sword. He can also fire discs of energy from his sword. Doesn't he look cool?
Skull Kid- He is a harmless little dude that steals Majora's Mask. The mask gives him great power. He also becomes more evil by wearing it. You could say he is the main villain of the game.
Happy Mask Salesman- This is the guy who collects masks. He should get a life. He knows of Majora's Mask's power. And he wants you to bring it back. Three words to describe him would be: Just Plain Freaky. 
Tingle- Here is another really freaky guy. He's a 35 year old guy who sells maps for his daddy. He thinks he is a fairy. It doesn't get any freakier than that.