Yes, you may lose items. You keep the three most valuable items that you carry with you (including worn items and inventory). Or the four most valuable items, if you are using a specific protection prayer. If you are "skulled" (have a skull on top of your head), then you lose all items (or keep one if you use the prayer).
It is not the market value of the items that counts, but the alchemy value. There is an option, under "Worn Equipment", that will show you which items you keep, and which you lose, in case of your death.
Note that any items which you deposited in the bank will be safe. Only the items you carry with you are at risk.
Certain minigames are safe, in the sense that you keep all your items when you die.
Basically, you should never carry valuable stuff with you to the Wilderness, to PvP worlds, or to other dangerous places where you might be attacked.
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While on RuneScape PVP worlds, if you die, you only lose the items you are carrying, not those in your bank, never in RuneScape will a death directly affect your banked items.
In the castle wars minigame you do not lose any of your items.It is a safe minigame,all items are kept if you die during the castle wars minigame.
No. But if you go into the lose all your items portal than yes.
No, it is one of the most dangerous places in RuneScape, if you die you lose your items (except the items kept upon death, of course), and you should therefore only enter it with items you can afford to lose.
No, you do not.