Equipment System How to setup Character

I am going to be making a game that needs a system where I can equip and un equip a vast array of different items and clothing. What I am wonder is if it is possible to have a solid base model with no clothing attached, and have clothing attached in game that bend and move properly with the characters movements. Lets say I attach a shoe, id want the foot of the shoe to move around properly with it. I would also like to ask how to do such a thing please, I would really appreciate as detailed of help as you can give?

Also, Can you have a single rig work for multiple character models ? Say I want to make multiple differently shaped humans and have them all use the same rig, can I and how do I, achieve this?