This spell or skill would offer a deterent to theives from just blindly stealing anything and everything. For example, a thief steals your really nice 30 average +10dr +10hr 12con 14int 16str sword. When the thief steals said sword this protection that the caster could set(from spells they have learned) would be cast upon the caster. Cast 'protect weapon' swordofgreatslaying blindess would place a blindness ward on it. When the thief steals it they get blinded. You would of course need to know how to cast blindness for this example to work. One could also have the possibility of adding up to three spells depending on weight or value or such of the item and the relevant bonus and such. Also there is a possibility that if the spell/skill itself or one of the spells trying to be imprinted in the protection are not high enough in quality they could go off on the caster when trying to place protection on the item or when it is stolen causing a not so friendly backfire. To prevent everything from becoming protected there could be a limit placed upon how many items one is wearing or carrying. For example at 30 mil xp you could have two items in your possession with these protections, anymore than that and they would start to have adverse affects.

I think this could be a nifty spell for first class shaman and druids. They could perform a ritual to summon spirits or some such. Items could also be required for said ritual. Seeing that rangers have a campfire skill maybe they could have access to it aswell, something that would be needed to perform the ritual? Don't know if the regen bonus could be cut out or not as to have some difference.