Riddonkulous

Let's spell! I can't read, but I'll try to help. Caps on. ONE: Rung of a ladder, or maybe dumbbell? TWO: Might be a magnet, far as I can tell. THREE: Easy! A cobra, ready to attack! FOUR: Bullet hits a wall, ricochets back. All put together, they'll lead you to find, A new way to peel, or some thing left behind.