Razor and Lipstick is an item gained in Mother 3. It revives the holder after falling in battle. These are also known as *insert Magypsy's name here*'s Memento.
Why Razors and Lipstick? No one knows.
There are only seven Razor and Lipsticks. Each is obtained by a disappearing Magypsy, as a memento. Once used, they are gone forever. These items are usually given to the player after the Magypsy disappears, but in Locria's case, the memento is found in his house.