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The item 'Breath of Life' has 6 bars, which slowly recharge at a rate of ~1 per 0.5-1 second. You can hold Spacebar (or your Action Item key), to deplete it at the same rate a of above.
While there are no visible bars on the item, it provides you with invincibility. In the next second, where another bar should have depleted, instead you take 1 heart of damage, and the item recharges. You cannot use Breath of Life while it is recharging, until it is full.
If you are careful, and good enough with timing, you can use this item to provide invincibility at no cost, by taking off spacebar before the next second after the last bar occurs, providing a limited invincibility good for areas where you require timing (Passing through spikes to get items, passing through hazards, etc.)
Upon picking this item up, most fires will turn into a blue fire!!!