Hi,
Its always advisable 2 keep the elements in the storage for adding buffs 2 ur weapon as u grow... for this we need tablets which u wuld get while hunting...
Since ur lvl 7... keep hunting and use void rondos to make elements out of the stuffs u have...
Chk tis link out which explains on making elements and its uses,
http://www.silkroadforums.com/viewtopic.php?t=18488
One more thing, item number 2 (universal pills) its similar to the HP and MP pots.. but used for abnormal state healing....
Hope this helps.