\documentclass{article}
\usepackage[a6paper,landscape]{geometry}
\usepackage{fancybox}
\begin{document}
Test: \fbox{
  \begin{Bitemize}[b]
  \item First item
  \item A second one\\ on two lines
  \item(2pt) A third with extra space
  \end{Bitemize}
}
\par\bigskip
Test: \fbox{
  \begin{Beqnarray}[t]
  y & = & x^2 \\
  a^2 + 2ab + b^2 & = & (a + b)^2 \\
  \int_0^\infty e^{-ax} dx & = & \frac{1}{a}
  \end{Beqnarray}
}
\end{document}