OK, in a round a wizard can activate an item on his standard Init roll. Can a wizard activate an item and then cast a spell in the same round?
Assuming this hasn't already been covered, I'd say it is possible, though it would require a Concentration roll of a difficulty perhaps of 9 (tough but not impossible). I base it off 9, as it takes a Concentration roll of 12 to cast a spell while maintaining another (similar to what's being attempted here. But activating an item is simpler than casting a spell.
Now then, does this mean it would be possible to Fast Cast a spell and activate an item? By the same token, could someone in theory fast cast, activate an item and cast a regular spell? I'd have to say no, but the abuse possibility is there. Basically in a round you can cast a spell, or cast a spell and activate an item, or actuvate an item, or Fast Cast and cast a spell. All of this is assuming you have the skill and items on hand.