You can "Lift" anything, regardless of whether it is an ally or enemy, so long as it has a status. When lifting, you have the same effect as if you equipped it, so the lifter's abilities change. Also, by lifting different things, you can use different types of special skills. But remember enemies can also use this tactic. You must pay attention to their lifting moves.
You can "Equip" anything, whether it's an enemy or an ally. Depending on what you lift, you'll have various special skills. But enemies lift items and others. Be careful!