While this thread has done an excellent job of answering this particular question, I just wanted to point out for newer players that the wiki's
Advanced Techniques Guide has explanations of many practices that are unique to classic EverQuest, including multi-questing, sneak banking, corpse-ing items, and more.
P.S. Also if you have any further details to add to existing techniques, or questions about other techniques, please PM them to me or just add them yourself (it's a wiki).