[MunchkinMan]

Hmmm. To avoid some confusion: You use Items, not necessarily wear. If there is concern about what Items are worn, those would be Armor, Headgear, Footgear and anything that looks like clothing. With one notable exception that I can recall so early, pre-caffeine, which I won't discuss here, I think almost all Items that require at least one Hand would not be considered worn. So, replace "wear" with "use" in Igor's post above, and I'll endorse that answer.

It's also worth noting that Elf and Wizard are not exclusive. A player may have one Class (e.g., Wizard) and one Race (e.g., Elf) simultaneously. However, if you are not a Wizard, Elf or no, you may play the Wizard-only Items to the table but they must be turned sideways.