Equipment items can be viewed in the [Equipment] tab of the inventory window and can be equipped by right-clicking.
If the item is sealed, it must be unsealed. Equipment cannot be equipped without unsealing.
If an item is unidentified, it can be identified. Items can be equipped even when not identified, but the identification option will not apply.
Identification options can be changed using a reidentify scroll, and the figures can be changed using a recalculation scroll.
Individual options and set options for each piece of equipment can be viewed by holding down the Ctrl key and scrolling the mouse wheel.