Since the FORM uses the POST method, you will access the variables that are being passed by using $_POST.
So, if you want to update your database by using the POST'd variables use something like this:
<?php
$result = mysql_query("UPDATE listofitem SET NameOfTools = '".$_POST['informationNameOfTools']."', Brand = '".$_POST['informationBrand']."' WHERE ID='".$_POST['id']."'");
?>
You would have to create a similar query for the other TABLE.
Just create some HTML based upon whether the EDIT was successful...
<html>
<head>
</head>
<body>
if($result)
echo 'You successfully EDITed your material";
</body>
</html>
EDIT: I had to do some EDITs because this page kept refreshing for some odd reason...