Basically you can only use unupgraded weapons and armor at +0 reinforcement you can use every weapon in the game at least 2 handed.
Although you cant use over +0 reinforced weapons you can still reinforce them to +10 for creating boss weapons but dont use the reinforced weapon of course.
Cant use magic, miracles or pyromancy.
You can use the upgraded weapons you pick up from the world like lightning spear in sens fortress but of course not the ones that are given to you by phantoms.
You cant start with master ring as your gift or buy it from domhall so you experience TRUE terror at blighttown! >:D
You cant wear any ring or armor piece that increases your HP but sanctus health regen and ring of the evil eye are fine.
You can level up your stats to anyting but in the expense of not increasing it over the stated values.
You cant summon ANY phantoms including npcs.
Well thats all! I guess to challenge yourself more you can wear calamity ring AND be cursed at the same time! :P
Have fun!