The original item is from: [link]
and here is the basic idea
Pharaoh Atem gave the blade to a warrior named Neo this item to proove his will on the Egyptian throne. Neo belongs to Neo-RedRanger...
The Millenium Sword was created by the dark spirits that were captured to create the 7 Millenium Items. This is the item No. 8 and it's the key for the other items' survival and existence. Whoever holds this, he is not targeted by any magic attack. This sword blocks all magic attack"
This is a slightly different version of Item 3. A more powerfull one
I beleive he wanted a dual.