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ITEM COST FIRST FOUND DAMAGE Description
BOMB 1 heart Lone skeleton on the bridge before Medusa in Stage 1 4hp Think of it as a toned down holy water. This is the first weapon you find, and it's really only useful against Medusa, the Stage 1 boss. Short range, not spectacular.
BLADERANG 1 heart Second skeleton at the start of Stage 2 (He won't be infested with

a spirit)

3hp This is a rather straightforward weapon; and by that, I mean it goes straight, and only forward. You can usually score 2 hits before the weapon passes through an enemy. Nice weapon to have, but there's better.
POCKETWATCH 2 hearts Bat at the top of staircase after platform jumps in Stage 2 N/A This is the item you've always wanted but only got it's weaker brother in other CV games. Costs only 2 hearts! Freezes enemies as well as bosses, and lasts a good 4 seconds. This gives you one hell of an edge in the later levels, and is great all around.
CROSS 1 heart Hunchback before 2nd Chandelier in Stage 3 4hp Works like the Bladerang, but shoots silhouetted crosses in packs of 2. That is to say, if you jump while firing this off, one group will fly high while the others stay low. Excellent weapon, but it has a massive downfall; you cannot swing your main weapon while there are still crosses on the screen. You will just hold the cross out in front of you while the surrounding enemies attack you. Other than that, it is the weapon you will use to kill every boss from Stage 3 onward if you're smart. Usually gives 2-3 hits.
TORCH 1 heart One of the pieces of floating silverware in Stage 3 will drop

this.

4hp Works exactly like holy water, except it doesn't freeze bosses. Limited range, and hunchbacks always seem to jump over the fire. Not a great weapon to have. Stick with the cross or watch.