Syrion: If you ment Fallout 3, it seems there isn't a totally clear answer to that question, yet. I am very certain that things you drop in whe Wasteland will vanish after a while. But for example I was able to drop some pieces of armour at a place, fast-travel to Megaton, and when I came back it was still there.
Whatever you drop in enclosed spaces like the city of Megaton or Rivet City, or especially your house, should remain there infinitely. I have heard that some people lost a few things they kept in their house, but I suppose that rather happened due to a bug. It didn't ever happen to me in the 93 hours that I've played Fallout 3 :)
So, short answer: As long as you don't fall victim to a rare bug, your possessions should be very safe in your own house, supposedly still safe in other enclosed spaces, and only safe for short periods of time in the wasteland.
I think he means Fallout 1, 2 and Tactics.
You can drop stuff on Fallout 1 and 2 and pick up later as long as you're not outdoors (ie. travelling), in Tactics I don't know.
Weclock: I didn't think so either, but on another board somewhere within this forum, that was the general consensus, as the bodies decay, so do the items.
The bodies do disappear after some time (leaving just the blood), and I think the items they have might disappear with them too. But if you drop any item pretty much anywhere, I'm pretty sure it stays there forever.
I think I always picked up every goddamn little piece of rubbish anyway. :)