Here she is:

• 10' of cotton string
• Aluminum mini-loaf pan (folded)
• Magnetized needle with 1' of thread
• 2 band-aids
• Small packet of peanut butter
• White 5mm ultra-bright LED
• 3v CR2032 lithium battery
• Single-sided razor blade
• BSA hotspark (ferrocerium rod with a short plastic handle)
• One Hefty Onezip freezer bag

The string can be used for general knot tying, as well as tinder or wick. The aluminum pan can be used for boiling water or for signaling. The needle can be used for sewing/general repair, as a basic compass, or as an emergency suture. The bandaids can be used as, well, bandaids, or as small sections of tape. The peanut-butter works well as food or animal bait. The battery and LED combine to make a simple flashlight. The razor blade obviously works as a simple blade and, when combined with the hotspark, can be used to start a fire. Finally, the plastic bag holds everything together; but it can also be used for water collection/transpiration bag.

So that's water collection/purification/carrying, food, fire, cordage, flashlight, a blade, a basic compass, and bare-minimum first aid gear....all in one 2.0oz package.

Now that's ultra-light hiking!