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Some mobs drop random loot. This loot can contain potions, scrolls, wands,
staves, weapons or armor. The weapons or armor have the following rarities:

Uncommon: This loot increases one stat at a value relative to the level 
of the item.
Rare: This loot increases two stats at values relative to the level of the
item.
Epic: This loot increases three stats at values relative to the level of
the item.
Legendary: This loot increases four stats at values relative to the level
of the item. In addition, legendary items come with an innate ability. In
the case of legendary weapons, the weapon will cast a spell (healing or 
damaging) on each hit. In the case of armor, the armor will have an innate
buffing spell that causes that spell to be on the wearer as long as they wear
the item or armor.

Drop Rates:
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Uncommon: ~87%%
Rare: ~10% (only available from level 200+)
Epic: ~2% (only available from level 300+)
Legendary: ~.2% (only available from level 400+)

Drop rates increase as you level past level 400! A level 600 character
has double the rate of finding any loot, and the rates of finding rarer loot
doubles.

Naming convention
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Note that only Head, Body, Arms, Elbow, Shield, Hands, and Leg items provide AC

Below is a list of what each descriptor means. The color represents the
rarity required to get the descriptor on the item in that position.
For example, uncommon items are always "of the something"

  STR - Brute's, powerful, or "of the bull"
  DEX - Daredevil's dodging or "of the cat"
  INT - Wizard's smart or "of the fox"
  WIS - Priest's wise or "of the owl"
  CON - Tank's soaking or "of the bear"
  CHA - Merchant's glistening or "of the eagle"
  MAXMANA - Psion's focusing or "of the well"
  MAXHIT - Warrior's tough or "of the beast"
  MAXMOVE - Racer's fast or "of speed"
  ARMOR (static bonus) - Golem's armored or "of hardness"
  HITROLL - Swashbuckler's accurate or "of precision"
  DAMROLL - Barbarian's damaging or "of pain"
  SAVING_SPELL - Paladin's rescuing or "of will"
  SAVING_ROD - Bard's disbelieving or "of reflex"
  SAVING_BREATH - Fighter's resisting or "of fortitude"
  REGEN - Troll's regenerating or "of resting"