About the pit of primordial ooze...

What's its deal? I thought it was maybe supposed to fix broken items, but whenever you put something in there you can't get it out after? Whenever I've tried to get something out of that pit the pit always bubbles and oozes and I can't get the item out.

As others mentioned, yes the pit is for repairing items, but once the item is in there you cannot take it out till the item is repaired. This takes a good bit of time to do.

You can put it in broken but can not take it out until it's fixed. This can take quite some time to do.

The good news is you're the only one that can take it out once it's done, so you can log out and get it when you log back in.