Soulbound equipment

Soulbound simply means you can't give or sell it to another player, you can still remove the item, disenchant it, or sell it to a vendor. The item isn't permanently attached, you can replace it by just removing it or putting a new item in its place.

For that information and more I would recommend looking through the game guide found here: http://www.worldofwarcraft.com/info/

But don't take my word for it...