What you do for this exploit is you buy the item, declare war, and then kill the NPC. Therefore, resetting it.

First off, use Allakhazam or Thottbot to find a vendor that sells the limited item you want to buy. Once there, buy the item and then go to the 'Reputations' tab (Default key 'U') and declare war upon the vendors faction. Kill them, most of the time they'll instantly respawn. Go back to your reputations tab and make sure you check off the 'At War' box and speak to the vendor to buy the item again. Rinse and repeat

NOTE: You can lose quite a bit of faction reputation with this, depending on the NPC. This will not work with large city factions (Stormwind, Undercity, etc).

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