Awakening Upgrading:
All normal Armors, Weapons, Shields, and Rare Suits can be awakened. 
Awakening gives a maximum of three extra stats per item. 
Cashshop items cannot be Awakened.
If you dont like the stats you receive from Awakening, you can remove them all by using a Reversion scroll from cashshop. 
You can then re-try awakening, and you might get better (or worse) stats.
 

Example of a normal item with Awakening Available
<-- Note the Pink writing indicating availability

Example of an Awakened item
<-- Pink writing shows the newly awakened stats.
(Note here the unlucky guy got -100 FP, as stated previously, stats can go up as well as down!

1. Talk to BoBoChan in flaris town, and select "Item Awaken"

2. Drag -Drop your item into the area