The Ankh gives Life after Death.
Elixer of Life restores user to full-health, effectively a second life. Disappear after use.
For more info on Magic Items, refer to the Magic Item reference guide, obtainable at
http://www.bl23c.com/arryn/downloads/MIpdfv2_8.pdf
And check out Arryn's site
http://www.bl23c.com/arryn/ for more useful stuff.
Hope this helps,
-Gateway103