I've heard people talking about losing PVPs but
The Robe Store Owner will sell you blue mystic robes that enhance your magic equipment stats. If you would like to buy the whole set, which includes Top, Bottom, Hat, Boots, and Gloves, bring 235,000 karos online carat coins.
Players who have achieved 99-Magic can also come to the Robe Store Owner to buy the Magic Cape of Achievement from him for 99,000 coins.
g) If you get IP higher than 500 and you die you go to prison. You must wait there (logging off will not help!) until your IP lowers to 500. A possibility is to pay bail but its expensive (1kdil per IP).
h) Two ways of lowering your IP, the first is time (I believe it is 3 IP every 5 minutes (CORRECTION, 3 IP every one minute)) or killing white or red monster (I’m not sure but I believe sometimes it does not work, bug?). I've heard people talking about losing PVPs but I tested 5 times and it didn’t work.
i) If you are red you can’t use teleport, buy from NPCs but you can still use parka temple commissioned quests (thus item a)
UPDATE!
j) If someone kills you (pkill) while you are red you lose 15 IP points.
k) If someone kills your pet (pkill) while you are red you lose 9 IP points.
Thanks for the feedbacks folks! Hope it helps!