Loot in General remains in play during Cleanup. This means that once you play it a Loot card could remain in play for the rest of the game. Powers on the Loot card itself, or effects on a monster, could cause the Loot to be discarded from in play.
As with Skills and Stances, Loot cards may not be discarded from play to satisfy effects like the Glacien's "each hero discards a card." When the source is not specified, cards are assumed to be discarded from in hand.
Like other cards, when you first gain Loot you put it into your discard pile.
Armor of Mist: Each time you gain a Wound, you draw a card immediately afterwards. This effect is not optional and may happen multiple times per round. If an effect stops you from gaining a Wound the card draw is also stopped.
Blossoming Staff: Once per round, choose a deck and reveal the top three cards. You may discard one of them. If you wish to troll a friend and discard one of their good cards with this effect that is allowed but not advised. The deck chosen may be the Town Deck. If the card you discard is an Affliction, you may choose a deck other than the last one you revealed cards from, and repeat the effect. If you discard an Affliction from that second deck, you are allowed to return and reveal cards from that first deck again. Any cards revealed this way that are not discarded are returned to the top of their deck in the order they were drawn.
While this card is in play you may put it into your discard pile to return an Affliction from every discard (including the Town Discard, if applicable) to its stack. This ability is usable even if you have not used Blossoming Staff's reveal-and-discard power.
Note that effects like this one which require you to reveal the top cards of a deck can force you to shuffle your discard into your deck in order to have enough cards to reveal. This can sometimes make it better to discard this Loot for its healing effect without first using its free once-per-round ability.
Elixir of Life: Once per round, you may pay 1 [Coin Value] (by playing a Heroism or paying a Coin) to draw a card and heal a Wound from your hand. The draw happens first, so if you draw a Wound you can heal it.
As a separate ability, you may discard Elixir of Life from in play to return a Corpse from one of the five Town Square spaces to the Corpse stack.
Lightning Daggers: You may discard Lightning Daggers from in play when a hero attacks. The Attack deals +1 damage of its own damage type (melee or ranged) and the hero who played the Attack draws a card.
If you are the attacker and draw a Lightning Daggers due to another one, you are allowed to play the next Lightning Daggers and use it to boost the same Attack's damage again (and draw another card).
Scrying Shard: When you play Explore, treat it as if it had the following text in place of its first two sentences:
Reveal the top two cards of the Traveler deck. You may put one of them on the bottom of the Traveler deck.
You may discard this Loot from in play to gain 1 [Magic].
Shining Blade: You may play an extra [Epic] Attack each round. This may be before or after another [Epic] card.
You may discard Shining Blade from in play when you play an Attack to deal +2 damage of the Attack's damage type.
If you discard Shining Blade from play before you have played an [Epic] Attack you do not gain its effect.
Multiple Shining Blades stack - With two Shining Blades in play you may play up to three [Epic] cards in one round so long as two of them are Attacks.
Staff of Icy Blows: Discard the top card of your deck each time you play an Attack. This effect is not optional. If the discarded card is an Attack or a Spell, the target of your Attack deals no Wounds for the rest of the round.
This effect does not trigger if you are attacking a non-Monster target such as a Freeze or Totem. Discarding an Attack to kick the Robber out of town does not count as "playing an Attack" in the first place, so that does not trigger Staff of Icy Blows either.
Thanks for this. It answers a question I asked in the FAQ thread, about whether the discard ability of Elixir of Life was part of the "one per round" ability. In future reprints, I think it would be clearer if broke them into separate paragraphs.