Each query you do in jQuery is stored as an Array like object, meaning you can access the list of DOM elements your query has found by doing this:
$('.item')[0] //The first item found by your query
Internally, $().each uses $.each, which is a way of iterating through your collection, calling the function you've passed as the argument, and using 'Function.apply' to set 'this' to be the current object being iterated through.