It took me a while to figure out how to equip stuff too, btw:
Walked into a cave, helped my Drunks beat up an Iron Man, picked up the statue. Saw an unusual white S character. Managed to Shift-T away (both Drunks passed out due to spider toxin on arrival). Then traded the amazingly valuable (but heavy) statue for *Greaves* and <<chain>> and whatnot.
This area may not be optimized for usability yet? :-)
e.g. I found that one can wear two chainmails, but only one set of Greaves.
e.g. you need to take off an item, you can't just replace something
e.g. equipped stuff can show up on the bottom of the list
... which promptly got me confused when I tried to switch from my (Iron Shield) to a well-crafted Iron Shield.
(r)emove the old one? OK now I'm shieldless.
Now maybe (r)remove the new shield from my backpack?
I must've made mistakes somewhere in the process. I wound up wearing no pants, carrying greaves, trousers, a Scimitar and the new Shield in my right hand, and a *rope reed sock* and my old shield in my left hand. (1)
In the end, I dropped stuff and picked it up again until I once more had most items in the backpack, and the shield in the left hand.
The new Shield is now being held in the left hand, I hope that's all it takes for me to acually use it. (I can't seem to equip a shield using the w key?)
Note: Playing 0.27.173.38a
(downgraded after reading about traders getting killed by traps in 178)
(1) I only really noticed the sock when I started strangling a Leopard with it .