(Uaaaaaaaaaaaaaaaaaaaa, you missed a perfectly good chance for a game and watch smash meme!)You can store mobs, NPCs and even other players in it.
Wood (standard wood from chopping a tree)
Basically, game and watch has a bucket that allows him to take attacks and when it's full, he throws everything he has in it at you and it's usually a one shot kill given you have some decent damage on your opponent(I've never played smash)
Makes you completely immune to everything that's on the ground.
Grey pressure plate