Answer:
My first master has four legs, my second master has two. My first I serve in life, my second I serve in death. Tough I am, yet soft beside. Against ladies cheeks I often reside.
What gets wet while drying?
As destructive as life, As healing as death; An institutioner of strife, Just as prone to bless. It is all that is good, Yet with an evil trend; As it was the beginning of things, It can also be the end.
I open wide and tight I shut, Sharp am I and paper-cut fingers too, so do take care, I'm good and bad, so best beware.
Runs smoother than any rhyme, loves to fall but cannot climb.
People take me on walks and I run and have fun. What am I?