If you're unsure whether or not an armor, or weapon, is cursed, equip it and step into the well.
Drinking from a Well of Health uncurses all equipped objects. So, before drinking from one, successively equip all the unidentified items in your inventory, starting with the ones you want to identify most. If you equip an item and it is not cursed, then go on to the next one. If the item is cursed, then it is probably degraded; go on to the next item category (weapons, armors and rings). Once you have tested everything you can, drink from the well, remove the previously cursed items, and restore your equipment back to whatever you want.
This well can be used to unstack a stack of potions! Throw your potions at the well and they will bounce aside undamaged.
To optimize the potential of the well, only use it when you are below 40% health & Starving.