Officially, in Dungeons and Dragons 3.5 as per the Player's Handbook (2012), the druid's supernatural ability wild shape works like the special ability alternate form except when wild shape doesn't work like alternate form, such as in this case:
Any gear worn or carried by the druid melds into the new form and becomes nonfunctional. (PH 37)
In Dungeons and Dragons, Third Edition the special ability wild shape (in italics!) was revised so many times that I have no idea how it ended up working, but I don't think I'm going too far out on a limb by saying Not very well. That said...
The magic armor and shield special ability wild is only for armor and shields...
Although, I suppose, the special ability could, as per the rules on page 130 of the Arms and Equipment Guide, also be put on bracers of armor (DMG 250) (1,000+ gp; 1 lb.), the magic armor and shield special ability wild (DMG 219) (+3 bonus; 0 lbs.) says that
The wearer of a suit of armor or a shield with this ability preserves his armor bonus (and any enhancement bonus) while in a wild shape. Armor and shields with this ability usually appear to be made covered in leaf patterns. While the wearer is in a wild shape, the armor cannot be seen.
This special ability is better in Dungeons and Dragons, Third Edition (where it first appeared in Masters of the Wild at the same price) where shields grant an armor bonus; in Dungeons and Dragons 3.5 the DM must house rule that wild shields grant their wielders their shield and enhancement bonuses. (I know, right?)1
...Other items get a wilding clasp or stuffed in a druid's satchel
The wilding clasp (MIC 190) (4,000 gp; 0 lbs.) in 3.5 terms
can be attached to any item worn on the body. When so worn, a clasp prevents the worn item from melding into your new form when you use wild shape (as long as the item could reasonably be worn by the new form). Thus, the item remains fully functional and can be used normally in your new form.
Emphasis mine. The wilding clasp is, essentially, unchanged from its original appearance in Masters of the Wild for Dungeons and Dragons, Third Edition.
Items the druid doesn't want melded that aren't worn or that don't need to be used immediately upon using wild shape should, instead, be stored in a druid's satchel (Dungeon #92 103) (3,000 gp; 5 lbs.), which was written for Dungeons and Dragons, Third Edition and never updated to 3.5 (making it legal in both, but the DM's allowed to update it however he wants for a 3.5 campaign).
1 The magic armor special ability beastskin (MIC 7) (+2 bonus; 0 lbs.) can be substituted for the special ability wild at some reduced functionality.