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Basically that, you sell off unwanted items, and equip those you do want. Note, that items dropped by end of level bosses such as Black Heart's Corruption or Scorpion's Tail, cannot be reacquired if sold or dropped.
Also character specific items are random and get better as you progress, so if you sell or drop one chances are you'll get a better one down the line.
"You know what time it is? It's clobberin' time..." "Look who just sprayed ya with a can o' whooppass"