I would most likely use Google spreadsheets and some scripts. You can make a list of items in one column with protected cells, then a protected owners column where you could put in their emails, then have a sign out column where people could write in their emails. Upon saving, the spreadsheet could email both parties whereby creating a record of the inquiry date. You can play with the scripting to make the emails more formal saying, "SoAndSo requested to borrow the 'blender' from SoAndSo2 on 4/3/2013. SoAndSo is to pick up the blender by 4/5/2013 and have it returned by 4/12/2013."
Just an idea. There's plenty of guides and help out there for Google docs scripting.