If a piece of equipment has an existing enchantment (listed under other bonuses with a name and description, such as 'Poison Aura - enemies that approach have a 10 chance of suffering 30 poison damage over 1 second') or an empty enchantment slot, then it can be enchanted or un-enchanted. You will need an enchanter, formula (either found, bought or recovered by un-enchanting something), and various ingredients.