To freepounds something is to steal it, because it costs "free pounds". However, freepoundsed items are rarely particularly useful or expensive, and should ideally raise a laugh if pilfered. Cans of food, small novelty toys, or blocks of cheese may be typically freepoundsed. Jewellery can not be freepounds traditionally (unless it's shit) as always remember that "if it's less than three pounds, it can be freepoundsed."
"Hey look, I freepoundsed these olives".
"Stand in front of my handbag, I'm going to freepounds that starfruit".