Items exist completely as meta-data in the vault database.
http://help.solidworks.com/2014/English/EnterprisePDM/FileExplorer/c_items_overview.htm?id=d42fdb262a8248e7b5ffef95e97a124f#Pg0. There is no file associated with an item. I think this was added in order to compete with PDM products that have this functionality. FYI, we don't use it.
same here we dont use it, also i was at SW WORLD 2014 and asked one of the Solidworks EPDM representantive about Items, his answer is DO NOT USE IT