For urban:

1) Cash (Wallet)
2) Cellphone
3) Knife
4) Lighter

For outdoors:

1) Knife
2) Lighter
3) Compass
4) Whistle

I think you've hit the nail on the head. A warm, water proof/resistant jacket would be top of the list. Followed by a tea kit. Then probably the knife.

The lists are mostly about doing something. Cutting, burning, navigating, signalling. The first thing you want to be able to do though is stop and S.T.O.P. Don't start building shelters or burning down forests, or heading where you think things should be. Stop and evaluate your situation.

Outdoors:
1. Lighter
2. Knife
3. Whistle

Urban:
1. Cash
2. Cell
3. Firearm


Although, I did start thinking more about a small compass. This one looked particularly interesting: http://www.bensbackwoods.com/servlet/Detail?no=308

I'm learning a lot from reading the replies. When she asked me that question, I hadn't really thought of it all in those kinds of terms up until that point.

Now I'm about to pull the trigger on buying a really good knife (possibly an RSK MK1), and some other items that I have researched to be of MUCH better quality than some of the things I've been carrying on my person.

I'm now thinking in terms not of how much an item costs, but of how much it would be worth to me to have it and it perform under any conditions, no matter how bad it gets.

My knife is decent, but my life is worth more than the $21.97 price tag it carries. Same for a compass, a flashlight (also looking at Doug's improved Photon), and other items.

I've become of the thinking that for your BOB stuff where you have spares, it's okay to have GOOD quality stuff. But for your EDC, only the BEST of each item (and I'm not talking best name brand, I don't buy into fashion, only function).

The OP never said it had to be "EDC" carry. They said " If you had to choose just one item to carry on you for a real-world lost or stranded-type situation, what would it be?" and then later mentioned their "EDC knife" and "EDC lighter", and an "EDC ... flashlight, compass, or paracord."

When I hike/camp - I bring my PLB. When I drive outside my local suburban area - I bring my PLB. My PLB is my #1 survival tool - no doubt. It can turn a real bad lost/stranded life-threatening situation into just a bad night waiting for help.

You can't call PLBs high priced. Heck, excellent PLBs are now actually cheaper than most mid-to-higher-end GPSes ... and look how many people have GPSes. PLB prices have hit the main-stream.

Regarding a knife being item #1. Like I said earlier, that is what we're supposed to say, but in reality, if I'm lost or stranded, what are my priorities if I find myself lost or stranded? As someone already asked, it depends on where I'm lost or stranded AND it depends on the weather. So, at least for me, the most likely is to be in a remote heavily or moderately forested area in midwestern U.S. spring/summer/fall (that's when I'm out camping/hiking).

So, what are the priorities? ...
0. Prevention ... oops, I'm lost or stranded, so its too late.
1. Health - mitigation of traumatic physical, environmental, or mental damage or risk.
2. Personal Protection - from temperature, wetness (rain, dew,...), insects or other wildlife, sun, fire, ...
3. Signaling - fire, light, mirror, whistle, smoke,...
4. Sustenance - water in the short term, food in the longer term, nutrients in the even longer term
5. Location & Travel - compass, map, GPS

So how does a knife help #1? If doing surgery maybe. Maybe for scraping off bee stings. I can tear clothing for bandages.

What about #2? Building shelter? ... there's usually lots of dry wood I can snap off. Cutting firewood? ... there's usually lots of dry wood I can snap off. The reality is that in heavy or moderate wooded remote areas there will be plenty of dead wood that can be broken by hand (or leg). Even in the moderately used Boundary Waters - lots of dead wood breakable by hand.

What about #3? Cutting firewood? Did that. Creating sparks with a fericonium rod? Though I haven't tried it, I'm under the impression that even a rock should do that. A mirror? A really really shiny knife might work - but its not likely. A whistle? OK, you might be able to carve a whistle with a knife - but I wouldn't know how to do that.

What about #4? Will a knife help me gather or sanitize water? Not likely. Will it help me gather food? Maybe.

OK ... this post is getting too long. You get my thinking.

Yeah, I carry a knife (mini Mk1) almost everywhere (excluding the shower, swimming pool, some schools, county court house, airport, airplanes, ... ), but still there are other items I'd select to carry first (PLB, GPS w/ electronic compass, fire, shelter, whistle, light, whistle, ...).

Just my opinion.

Knife - Fallkniven PXL Folder. Gorgeous knife but probably to nice to actually EDC.

Flashlight - Lots of high quality flashlights out there but I EDC a Fenix P1D CE Premium Cree Q5. For AA cell use I also like the TANK007 TK-506 Stainless Steel Flashlight from Dealextreme. The Fenix LOD-CE is very good as well if you can live with the inherent weakness of AAA cells.

Compass - Francis Barker Model 1605 NATO Survival Compass or Silva SERE 40 Luminous or if a full size compass is required the British Army M73 Prismatic compass NSN: 6605-99-960-0789

Lighter - I'm still on the hunt for the ultimate reliable windproof lighter. Best so far I've found is the Oubo Lighter from Dealextreme,

http://www.dealextreme.com/details.dx/sku.16699

but it is not waterproof so something like the Brunton Firestorm will just have to do.

Watch - Luminox 3604

Pen - Timberline Tactical LCP

KenK and scafool, sorry for the confusion. I was thinking in terms of EDC but didn't actually say that in my post. It does open up two different categories though, as you both wisely pointed out.

Yes, KenK and I were coming at it from slightly different perspectives.
I think a lot of us were.
I think that is a good thing too. There have been quite a few good points mentioned by everybody. It is a good thread

Your comments about quality and price when gear shopping hit a chord here. They are not always related, are they.

KenK's mention about PLBs becoming more reasonably priced is something I had not really considered.
I will have to think about having one with me a bit more for those times when I go past where the sidewalk ends.

With the McMurdo Fast Fix at ~$300, its almost cheaper than a brand name rain jacket.

After being gone for a while and coming back, I saw this thread I had posted and was surprised by the differences in my attitude then and now.

Currently I EDC the same Smith & Wesson "Homeland Security" folder as before, but I EDC the following also:

Rescue Howler whistle (on keychain)
MagLite 1xAAA Solitaire flashlight (on keychain)
Silva 609 compass (on keychain)
Bic lighter (I know, not as dependable as Firesteel etc...)
.45acp handgun with 21 rounds of ammo
Gerber Suspension multitool