Rabbit Feet are known as lucky charms are thought to ward off bad luck and bring good luck. You should carry the rabbit's foot on a chain around your neck, key chain, or in your left back pocket. The older it gets, the more good luck it will bring. The myth behind the rabbit’s foot is rather complex. The actual criteria that needs to be met for the foot to be lucky and "work" are many. Here are a few:
1. It must be the rear left foot of the rabbit to be lucky.
2. The rabbit must be shot or captured in a cemetery.
3. The rabbit had to be shot on during a full moon or new moon, sources on that vary.
4. The shooter had to be cross-eyed.
They say you would have to be real lucky to get one of those rabbits. Hunting at night would not be legal in most states unless you are hunting raccoon or opposum.
There's also a claim the foot had to be rubbed for the luck to begin. The luck that a rabbit’s foot brings can be limited or very broad. The luck of a rabbit’s foot was to enhance a women’s fertility. In some cultures , they would rub the rabbits foot on new borns to bring them all kinda of good luck. Many actors and actresses keep rabbit’s feet in their makeup cases and bags with some hope of bringing luck to their acting career. The thoughts behind the superstition is originated from the fact that rabbits are born with their eyes open, so they ward against evil. Another thought suggests that their fecundity and powers of procreation link them with growth and prosperity throughout life.
There’s very little evidence that most modern rabbit's foot keychains attend to all these fine details, it would seem that many people may have purchased faux rabbit feet. Faux rabbit feet normally are covered with fake rabbit fur, and may be dyed in a variety of colors. To give the fake foot that dried bony feel, the internal structure is often made of latex. There are still many rabbit's foot keychains made from real rabbits' feet. They’re widely available on the Internet, in tourist shops, and sometimes casino vending machines. The rabbit’s foot is highly questionable. A rabbit killed for the purpose of obtaining rabbit's foot keychains might want to argue that his feet were certainly not his fortune. (http://www.wisegeek.com/are-lucky-rabbits-feet-keychains-really-made-from-a-rabbits-foot.htm)