Maintenance for the week of October 5:
• [COMPLETE] ESO Store and Account System for maintenance – October 8, 8:00AM EDT (12:00 UTC) – 12:00PM EDT (16:00 UTC)
Laundering an Item makes it no longer stolen. You could then sell it to a vendor, or equip it. Basically, if you get stopped by guards, they can't take it.
You can sell all items to a Fence right away. You are limited to how many items you can sell per day unless you invest points in a specific skill.