I'm assuming green rupee = fullheart & ohhh.. bombs or arrows = golden sword.. hmm.. Well, Torankusu was right - if you use a hack.. say one of those piehax0r hacks where greeng->fullheart - drop a green rupee - you see a fullheart, everyone else sees green rupee..
"Global" stuff (everyone can see):
All types of rupees
Bombs
Arrows
Hearts
(Thats it, I think)
"Local" stuff (only you can see)
Shields (dropped)
Gloves
Swords (dropped)
Fullheart (hack)
blackrupee (some new hack thingy that came out - drops 1000 rupees I think if you pick it up - replaces greenrupee(I only heard about this.. dunno if it's true))
So basically, you're lying dark
[Edit:Erm, merlin not toran]