app/etc/modules/SR_Example.xml
<?xml version="1.0"?>
<config>
<modules>
<SR_Example>
<active>true</active>
<codePool>local</codePool>
<version>0.1.0</version>
</SR_Example>
</modules>
</config>
app/code/local/SR/Example/etc/config.xml
<?xml version="1.0"?>
<config>
<modules>
<SR_Example>
<version>0.1.0</version>
</SR_Example>
</modules>
<global>
<helpers>
<example>
<class>SR_Example_Helper</class>
</example>
</helpers>
<models>
<example>
<class>SR_Example_Model</class>
<resourceModel>example_mysql4</resourceModel>
</example>
<cataloginventory>
<rewrite>
<stock_item>SR_Example_Model_CatalogInventory_Stock_Item</stock_item>
</rewrite>
</cataloginventory>
<cataloginventory>
<rewrite>
<observer>SR_Example_Model_CatalogInventory_Observer</observer>
</rewrite>
</cataloginventory>
</models>
</global>
</config>
app/code/local/SR/Example/Helper/Data.php
class SR_Example_Helper_Data extends Mage_Core_Helper_Abstract
{
}
app/code/local/SR/Example/Model/CatalogInventory/Stock/Item.php
class SR_Example_Model_CatalogInventory_Stock_Item extends Mage_CatalogInventory_Model_Stock_Item
{
// Your Override function
}
app/code/local/SR/Example/Model/CatalogInventory/Observer.php
class SR_Example_Model_CatalogInventory_Observer extends Mage_CatalogInventory_Model_Observer
{
// Your Override function
}