Does "Cheat!" effectively give you two more hands?
When you play the Cheat card it is attached to a specific item, either A or B in this case (let's assume A). With the additional item C you can use either A &amp; B together or A &amp; C together, but not B &amp; C together.

The Cheat card only is discarded if you lose the item (for example from getting killed) It doesn't get discarded just because you un-equip the card temporarily.