This card works wonders with "Vylon Sigma", as its effect will bypass the activation requirements.
Despite its activation cost, this card works very well with "Armed Dragon" cards simply because it brings back the monsters needed to activate their effects. "Armed Dragon" monsters use up much of your hand so bringing back the monsters discarded makes a big difference. This is especially effective with "Armed Dragon LV10", as it can destroy any and all monsters with its effect, as well as having a high enough attack to return any monster discarded, rendering the cost of its effect moot.
Another good way to use this card is with "Power Tool Dragon", especially if you're using it in a "Morphtronic" Deck. It can be searched out by the effect of "Power Tool", can be used to get back your lost "Morphtronic" monsters, and "Power Tool" can, if it comes to it, use this card to protect itself.
Use with "Ambulanceroid" in a "roid" Deck. Equip "Armed Changer" to a somewhat powerful monster on your side of the field, while you have "Ambulanceroid" face-up on your field.
This card combines well with "Divine Sword - Phoenix Blade", as that card can be discarded, then returned to your hand through its own effect. This would allow you to always add an Equip Spell to hand to pay the cost of activating this card, provided that your Graveyard has at least 2 Warriors in it.
Discard "Sword of Deep-Seated" instead to instantly have it on top of your Deck and negate this card's cost.
You can equip this card to a strong monster on your opponents side of the field and then attack it with a weaker monster. You as the owner of the equip card can add a monster as strong as the opponents to your hand.
attack with a searcher like "Giant Rat" to search for the 2nd rat, attack with rat 2 to search for the 3rd and attack again to search for i.e. "Enraged Muka Muka". Since you could add a Monster to your hand (one of the rats itself i.e) every time a rat was destroyed by battle the ATK of Muka Muka increases so it probably can beat the opponents monster.
You can make your own loop with this card and "Honest". First, equip 1 LIGHT-Attribute monster with this card. When that monster battles, send "Honest" to the Graveyard using its effect. Be sure that the targeted monster's ATK is equal or greater than 1100 ATK (the ATK of "Honest"). If you destroyed your opponent's monster, add "Honest" back to your hand.