Certain inventory activities can be checked through scripts using local variables. These local variables are automatically set when the pc does the action. They are NOT functions, but variables that are true or false.
OnPCEquip The PC has the object equipped (remains true while object is equipped)
OnPCAdd The PC added the object to inventory
OnPCDrop The PC dropped the object
OnPCRepair The PC repairs the object
OnPCSoulGemUse the Object is a soulgem and it has been used in either recharging or itemmaking
PCSkipEquip Set this to 1 to skip equipping object. Good for popping up messages for breaking seals on books and such.
Example script in a sword that gives a message when equipped