I sort of want but can live without naming all my characters in an RPG.
Scantly-clad babes! 
Seriously? Is this necessary?
Explicit vaginal and/or anal penetration.
Bela Lugosi.
Bela Lugosi penetrating a scantily clad babe’s vagina. You get to name the vagina.
Do you get to equip it?
Only if you’re Bela Lugosi.
So if he gets taken out of your party for some plot reason does it stay in your inventory? Do you lose it if you forget to un-equip it from Bela Lugosi?
Well, by theory, you wouldn’t need the item if he wasn’t in your party. And yes, he most likely would leave the party when he dies.
There is one way to get the item back, but you need to find the penis of Bela Lugosi’s corpse, and obviously you would have to obtain this within a time period, or else it will rot.
Please note that once you get the Bela Lugosi penis, you may then combine it with the vagina item. Once you do this, you may equip this item onto Tim Curry to give him the title of transexual vampire.
Gila: You didn’t spoiler text the last paragraph. SOME people want to figure this stuff out for themselves. 
You didn’t mention the fight with Vampira’s tits in order to get them, though. Hehehe… those fools won’t know what they’re getting into.