To consecrate an object, you charge it with the five elements. The basic idea is to "introduce" your item to these energies, so that it will harmonize with them and channel them as you need. (And this goes for anything you need to consecrate)
As an example on how to actually do this: For the element of Earth, you first need to make an inner connection to Earth energy. Put your hands in a pile of dirt and feel it's energy. Meditate on the healing and grounding properties and make yourself a channel for Earth energies. When you feel that you've established this connection, pick up the object you wish to consecrate. Place it in the dirt, or in some way make contact with a representation of the Earth element. Open up a connection between yourself and the object, allowing the Earth energy to flow from the Earth, through you, and into the object.
If you've never done this before, it might take you 15 minutes or more to feel confident enough that you've accomplished your goal. (As you work more in this manner, you learn that the connection can be established rather quickly... but don't rush it at first. Wait as long as you need to until it "feels right")
When you've done this, move on to the next element. You can do them in any order that feels right to you. (Many people start with Air in the east, and work through the "seasons", but I don't when consecrating. I usually start with north because I can establish a nice link with those energies first, and it keeps me grounded for the rest. Do whatever you feel drawn to do.)
The element of Spirit can be tricky, because the connection is made internally with the Universal energy, with no physical props but your own body. Hold the object in your hands, and feel the energy within you. (Many people find this ball of energy located roughly in the solar plexus region... experiment until you find where your center is.) Work on opening a link with the Universal Life energies, and get a strong flow going.
Once established, create a channel between the Universal, yourself, and the object, making the object a channel for this energy. It is done. The object is now a channel for all of the elements, and has become a magical "antenna" for these energies. And whoever said magic was easy? By the time you're done with this, you're likely to feel both exhilarated and pooped. So take a bath and relax.
~Flame RavenHawk