Here's one possible solution using the enumitem package to define a new list-like environment whose label uses a variable prefix; this prefix is controlled by a macro and, with the help of the etoolbox package, the theorem-like environments are patched to redefine the prefix. Labeling and cross-referencig items is then done as usual.
According to barbara beeton's comment, provisions were made to have the labels with a final period and the cross-references without it. Also, italicized item numbers were suppressed.
\documentclass{book}
\usepackage{amsthm}
\usepackage{enumitem}
\usepackage{etoolbox}
\newtheorem{prop}{Proposition}[chapter]
\theoremstyle{definition}
\newtheorem{defi}{Definition}[chapter]
\newcommand\EnumPrefix{}
\newlist{senenum}{enumerate}{10}
\setlist[senenum]{label=\EnumPrefix.,ref=\EnumPrefix,leftmargin=*}
\AtBeginEnvironment{defi}{\renewcommand\EnumPrefix{\normalfont\bfseries D.\thedefi.\arabic*}}
\AtBeginEnvironment{prop}{\renewcommand\EnumPrefix{\normalfont\bfseries P.\theprop.\arabic*}}
\begin{document}
\chapter{Test Chapter}
\begin{defi}
Let $X$ be a set. An algebra over $X$ is a collection $C$ of subsets of $X$ satisfying
\begin{senenum}
\item If $A$ is an element of $C$, then $X\setminus A$ is an element of $C$;
\item If $A$ and $B$ are both elements of $C$, then the union $A\cup B$ is an element of $C$.
\end{senenum}
\end{defi}
\begin{prop}
Let $C$ be an algebra over a set $X$; then the following senteces are true
\begin{senenum}
\item\label{ite:algempty} The empty set is an element of $C$;
\item The set $X$ is an element of $C$;
\item Every finite union of elements of $C$ is an element of $C$;
\item\label{ite:alginter} Every finite intersection of elements of $C$ is an element of $C$.
\end{senenum}
\end{prop}
In the proof of the equivalence of \ref{ite:alginter} and \ref{ite:algempty}, we used,...
\end{document}

The above approach focuses on the list-like environment, therefore it is ready to use (with only minor changes) in the case in which ntheorem is used to define the theorem-like structures (ntheorem doesn't use a default period at the end of theorem numbering):
\documentclass{book}
\usepackage{ntheorem}
\usepackage{enumitem}
\usepackage{etoolbox}
\newtheorem{prop}{Proposition}[chapter]
\theoremstyle{changebreak}
\newtheorem{defi}{Definition}[chapter]
\newcommand\EnumPrefix{}
\newlist{senenum}{enumerate}{10}
\setlist[senenum]{label=\EnumPrefix,leftmargin=*}
\AtBeginEnvironment{defi}{\renewcommand\EnumPrefix{\normalfont\bfseries D.\thedefi.\arabic*}}
\AtBeginEnvironment{prop}{\renewcommand\EnumPrefix{\normalfont\bfseries P.\theprop.\arabic*}}
\begin{document}
\chapter{Test Chapter}
\begin{defi}
Let $X$ be a set. An algebra over $X$ is a collection $C$ of subsets of $X$ satisfying
\begin{senenum}
\item If $A$ is an element of $C$, then $X\setminus A$ is an element of $C$;
\item If $A$ and $B$ are both elements of $C$, then the union $A\cup B$ is an element of $C$.
\end{senenum}
\end{defi}
\begin{prop}
Let $C$ be an algebra over a set $X$; then the following senteces are true
\begin{senenum}
\item\label{ite:algempty} The empty set is an element of $C$;
\item The set $X$ is an element of $C$;
\item Every finite union of elements of $C$ is an element of $C$;
\item\label{ite:alginter} Every finite intersection of elements of $C$ is an element of $C$.
\end{senenum}
\end{prop}
In the proof of the equivalence of \ref{ite:alginter} and \ref{ite:algempty}, we used,...
\end{document}

When using ntheorem, there's even another option, not requiring the etoolbox package since \theoremprework can be used to redefine appropriately the prefix used for the list-like environment (as suggested by cmhughes in a comment to the original question); here's the code corresponding to this approach and producing the same result as before:
\documentclass{book}
\usepackage{ntheorem}
\usepackage{enumitem}
\newcommand\EnumPrefix{}
\theoremprework{\renewcommand\EnumPrefix{\normalfont\bfseries P.\theprop.\arabic*}}
\newtheorem{prop}{Proposition}[chapter]
\theoremstyle{changebreak}
\theoremprework{\renewcommand\EnumPrefix{\normalfont\bfseries D.\thedefi.\arabic*}}
\newtheorem{defi}{Definition}[chapter]
\newlist{senenum}{enumerate}{10}
\setlist[senenum]{label=\EnumPrefix,leftmargin=*}
\begin{document}
\chapter{Test Chapter}
\begin{defi}
Let $X$ be a set. An algebra over $X$ is a collection $C$ of subsets of $X$ satisfying
\begin{senenum}
\item If $A$ is an element of $C$, then $X\setminus A$ is an element of $C$;
\item If $A$ and $B$ are both elements of $C$, then the union $A\cup B$ is an element of $C$.
\end{senenum}
\end{defi}
\begin{prop}
Let $C$ be an algebra over a set $X$; then the following senteces are true
\begin{senenum}
\item\label{ite:algempty} The empty set is an element of $C$;
\item The set $X$ is an element of $C$;
\item Every finite union of elements of $C$ is an element of $C$;
\item\label{ite:alginter} Every finite intersection of elements of $C$ is an element of $C$.
\end{senenum}
\end{prop}
In the proof of the equivalence of \ref{ite:alginter} and \ref{ite:algempty}, we used,...
\end{document}
\documentclassand the appropriate packages so that those trying to help don't have to recreate it. This will also serve as a test case and ensure that the solution actually works for you. – Peter Grill May 13 '12 at 23:57amsthm,ntheorem,mdframed). – Gonzalo Medina May 14 '12 at 14:34etoolboxas thesetlisttrick you wrote could have been built into the environment definition – cmhughes May 14 '12 at 14:51