Just to make it obvious. some might not have thought about it (for those that can't get it to work) save your world, open the inventory editor, load your character, change whatever you like and last but most important, save the changes (that is not the save button you see in the inventory window), the character save button is a little floppy disk above it..
I use the Terraria Inventory Editor at this site Link, it's at v2.9.5 and works with Terraria v1.0.5. I've tested it myself and it works, who needs to farm for things anymore, just edit your inventory for those rare drops and even harder to get rare craftables. You can also change how your character looks and edit which buffs you want on yourself and make it last for a year or more. Buffs include the seeing enemies, seeing minerals/chests, slow fall, faster movement, and etc.
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