1. A method for dynamically managing non-static items in an inventory in a virtual universe, comprising: providing, using at least one computer device, at least one non-static item in the inventory of an avatar with metadata specifying that the non-static item must be renewed and the frequency of renewal, wherein the avatar is a graphical representation of a humanoid in the virtual universe, and wherein the non-static item is a virtual possession of the avatar; obtaining instructions using the at least one computer hardware device regarding a renewal of the non-static item, wherein the non-static item is registered with a source of the non-static item and the non-static item contacts the source to obtain the instructions, wherein the source is a supplier/manufacturer within the virtual universe, wherein the virtual universe is an interactive simulated environment accessed by multiple users through an online interface; sending a message regarding the renewal of the non-static item from the source to the non-static item; and renewing the non-static item based on the instructions using at least one computer device.