Does that mean I can't take it off, or what? Help me, as I'm scared to put it on.

Just means you can't mail it or sell it on the GTN after you put it on and take it off again.

Yes you can take if off... Don't worry.

Edited August 24, 2012 by Vespassian

Any item that is "bound" can only be used by you, or one of your companions, or sold to a vendor.

 

Some items are Bind in Pickup (BOP) which means once you have it, it's bound. Others are Bind on Equip (BOE) which means you can sell it on the GTN, give it away, send it to an alt, whatever. Until it's equipped, then it's bound.

Armor that are bound to you can be used by your companions as well, as long as they share the same main stats as you and the armor is not restricted to your class.

Any items that are bound can't be ever traded to other players in any way. This means not only that you can not put it in GTN but also you can not trade or give it directly to other players.

 

"Legacy bound" items also can't be traded to other players, but can be sent to your own alts.

 

Normal "bound" items can't be sent even to your own alts (although in case of some mods this can be circumvented by putting them inside legacy bound gear and then sending that)

Thank you, guys. Now, I understand.