Sacred ash is an item held by Ho-oh that revives all of the Pokemon in your party that are fainted and their Hp is completely restored. It is very useful if you save it until the Pokemon league. WARNING: only works once. Once you use it it disappears.
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That's not ash its trainer red although he's based off from Pokemon yellow.
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Yes, Sacred Ash is only good once in "Pokémon SoulSilver."
Kinda, Ash in the anime was based off of Red from the original Pokemon games Red and Blue. That's why all his Pokemon are similar.
By going into your item case and using it. It revives all your Pokemon to full hp from fainted.