Equipped creature gets +2/+1.
When equipped creature
diesIs put into a graveyard from the battlefield. (CR 700.4), you may have this Equipment become a 2/1 Construct artifact creature with
flyingFlying is an evasion ability.
A creature with flying can’t be blocked except by creatures with flying and/or reach. A creature with flying can block a creature with or without flying. (See rule 509, “Declare Blockers Step,” and rule 702.17, “Reach.”)
Multiple instances of flying on the same creature are redundant. (CR 702.9) and
ward Ward is a triggered ability. Ward [cost] means “Whenever this permanent becomes the target of a spell or ability an opponent controls, counter that spell or ability unless that player pays [cost].”
Some ward abilities include an X in their cost and state what X is equal to. This value is determined at the time the ability resolves, not locked in as the ability triggers. (CR 702.21). If you do, it isn't an Equipment.
EquipEquip is an activated ability of Equipment cards. “Equip [cost]” means “[Cost]: Attach this permanent to target creature you control. Activate only as a sorcery.”
For more information about Equipment, see rule 301, “Artifacts.”
Equip abilities may further restrict what creatures may be chosen as legal targets. Such restrictions usually appear in the form “Equip [quality]” or “Equip [quality] creature.” These equip abilities may legally target only a creature that’s controlled by the player activating the ability and that has the chosen quality. Additional restrictions for an equip ability don’t restrict what the Equipment may be attached to.
If a permanent has multiple equip abilities, any of its equip abilities may be activated.
“Equip planeswalker” is a variant of the equip ability. “Equip planeswalker [cost]” means “[Cost]: Attach this permanent to target planeswalker you control as though that planeswalker were a creature. Activate only as a sorcery.” (CR 702.6)