As far as the Naruto storyline goes, the earrings which Orochimaru wears holds no real significance.

They are in fact magatama, but hold no relevance to story used in Ikkitousen. Magatama are more relevant to the Shinto deity Amaterasu.

This page gives more information about Amaterasu and the use of magatama (7th paragraph down):
http://www.uwec.edu/philrel/shinbutsudo/amaterasu.html

The Sword of Kusanagi (Kusanagi no Tsurugi) and Orochimaru (Orochi) also have a relation with Shinto deities.