So, I've been playing MM1 and enjoying it a lot, but my inventory has started to clutter with a lot of items.

I've been searching on the Internet to see what each item does, but I just found very basic lists which list the items and some stats but don't describe their effects, so I've been hesitant to sell.

If anyone can help me with the following items it would be very much appreciated:

1) Bag of Silver
2) Bag of Sand
3) Lantern (Probably gonna sell it. Must have the same effect as a Light spell)
4) Model Boat
3) Ruby Idol
4) Medusa Head (from the Lord Hacker quest. Doesn't seem to have any value. Will it be needed again later?)
5) Horn of Death (I have two of these)
6)Fire Wand (Does it have the same effect as a Fireball spell?)

Thanks in advance!

Thank you so much! That list is great.

Well, bummer. It's too bad this list is no longer at that link. Would be nice to see it. I used to play this game back in 1986 or 1987. I decided a few weeks ago to get into playing these again. I am having fun doing all of this manual mapping. I'm having a blast playing it again! Back when I played it originally, there were no cheat sheets or anything. There wasn't even a world wide web!
Anyway, that link doesn't work no (13 years later)

If someone has a copy or knows of another spot. I would be greatful.

Use the time travel, young padawan.

As above, you can use the web archive link, but the GOG version also comes packaged with the hintbook, which is a searchable PDF that has stats for most items. Find it in your install directory. I don't recall if it explains the more unusual items from the OG post though.