$items=$order->getAllVisibleItems();
foreach ($items as  $id=>$item){
  $product = Mage::getModel('catalog/product')->load($item->getProductId());
  $selectedAttributes = ???
 ...
}

$options = $item->getProductOptions();
$option_xml = '';
if(is_array($options) && is_array($options['options']) && !empty($options['options'])){
    foreach ($options['options'] as  $op){
        //2Do with $op['option_id'], $op['label'], $op['option_value'], $op['value']
    }
}