As with all similar items, the Gutted Bible is not used in the game beyond unlocking a journal page. The image in the Shop interface shows a small book with the words "Holy Bible" written on it. The same image shows on Father Driscoll's journal page. Driscoll was a man of the cloth who turned to a life of crime, so this item implies that he hollowed out his bible in order to use it for storing guns, liquor, or other items.
The Gutted Bible can be purchased from the Shop interface at the start of the mission "The Traincar". If not purchased, it is not available subsequently during the current game.
