"Yes sir ladies and gentlemen this
here elixir cures whatever ails you.
Gotta itch, it calms its. Gotta
cough, it quiets it. It kills all
kinds of germs. Why I drink it every
day, whether I need to or not, and
look at me...a picture of health.
You can even use to get rid of those
tough stains on your clothes."
There are a few grammar errors/missing words that need to be fixed. Also, I would try shortening this up some. I definitely get what you're trying to do here -- with the guy selling something of a multi-purpose elixir -- but it's a bit awkwardly presented. Try reading it out loud and coming up with ways to make this sound a bit more natural.
Interestingly enough, some of the pieces of dialogue that follow aren't as awkward.
Wait...I’ve heard of you-u-u-u.
You’re that there Preacher...Sheriff.
I heard you ain’t never lost a
gunfight. Is that true? Look at
you. You look like dried up horse
dung that’s been trampled over by a
stampede of buffalo.
This block is pretty awkward, too. At first, it sounds like Ringo is scared of the preacher, which kind of goes against his character so far...and then he proceeds to get arrogant and make fun of the guy, which DOES sound like something he would do.
Needless to say, this is a little inconsistent. An alternative could be:
RINGO: "I heard of you. You're that preacher-slash-sheriff. Is it true you've never lost a gunfight?"
Or...something. Heh.
You could have the preacher keep his cool and not respond. Ringo could chuckle sarcastically, and then make fun of the preacher.
Juuust something to think about.
Done.
This was strange. The preacher said only one line that he repeated over and over, which was kind of overkill. I think the "lord will provide line" would have been much for effective in moderation. Also, I think you should spend some time developing the Preacher and Betsy, so when they cross off with Ringo, we'll WANT to root for them to take him down. As it stands now, I was kind of indifferent about the whole thing and Betsy literally came out of nowhere.
Your actions/descriptions were decent. I think they can afford to be tighter and you should limit your usage of the CAP LOCK. Typically, only sound effects are in caps, as well as introducing new characters. =P
Lastly, action "paragraphs" should never exceed four lines. And when writing screenplays, you don't need to write out "ACT ONE, ACT TWO", etc.
Overall, I do think this story has potential. Character development is definitely needed, but you have plenty to work with, here. Good luck.