I can't seem to figure out what is wrong with this item script can i have some help?

If I'm not mistaken, I believe that you were missing "character" and "Walkspeed" is supposed to be spelt "WalkSpeed" in this line:

character.Humanoid.WalkSpeed = character.Humanoid.WalkSpeed + 10

local CanActivate = true 
local player = game.Players.LocalPlayer 
local character = player.Character

script.Parent.Activated:Connect(function() 
    if CanActivate == true then 
        CanActivate = false 
        local animation = character.Humanoid:LoadAnimation(script.Parent.Animation)                         
        animation:Play() 
        wait(1) 
        character.Humanoid.Health = character.Humanoid.MaxHealth            
        character.Humanoid.Walkspeed = character.Humanoid.WalkSpeed + 10 
        wait(1) 
        wait(60) 
        CanActivate = true 
    end 
end)