Item Properties
 
    Like item materials, item quality and magickal properties give bonuses to your item's performance.  Item properties come in four different forms.
    First, there are simple item qualities.  These are non-magickal properties that give bonuses to the item's functionality.  The first table below details these properties.  So far, I have discovered 10 different qualities.
    Second, there are items that give bonuses to skills.  These items simply give you a flat bonus to a certain skill, raising it by the amount shown.  I have discovered that you must actually have some rating in the skill before you may get the bonus that the item provides (I was unable to raise my warriors Prayer skill by equipping a staff (Prayer +175)).  you must also equip the item to get the bonus, simply having it in inventory does nothing.
    Third, there are items that have a spell in them.  These items have a number of charges, and each use of the item to cast a spell expends a single charge.  When all the charges are used up, the item becomes a normal item with no spell casting ability.  The item may have other magickal properties, but it may not be used to cast spells ever again.
    Fourth, there are the item enchantments.  Enchantments are special magickal properties that affect the functionality of an item much in the same manner as item materials do.  The second table details these enchantments.  Note that the temporary enchantments that various spells provide are not listed unless I have also found them on a weapon as a permanent enchantment.  To date I have found 9 item enchantments.  Note that unless otherwise specified, all item enchantments are benificial, i.e. - a Bloodletting sword doesn't cause the user of the sword to take 3x normal bleeding damage, but rather the target of any attack by the user takes 3x normal bleeding damage.
 
Item Qualities
 
Item Quality
Effect
Broken
-3 Damage / -2 Defense / -2 Armour
Cheap
-2 Damage / -2 Armour
Corroded
-2 Damage / -1 Defense / -2 Armour
Damaged
-1 Damage / -2 Armour
Dwarven
+4 Damage / +3 Armour / 2x Weight
Elven
+3 Damage / +1 Armour / 0.5x Weight
Fine
+1 Damage / +1 Armour
Gaudy
I have no idea  : )
Reinforced
+4 Armour
Rusty
-1 Damage / -1 Defense / -1 Armour
Slick
Defense +3
Very Fine
+2 Damage / +2 Armour
 
Item Enchantments
 
Item Enchantment
Effect
Berzerking
Causes User to Go Berzerk In Combat
Bloodletteing
Triples Bleeding of Target
Deamon
+3 to Basic Damage / 2x Total Damage / +2 Armour / Deamons Unnaffected By Item
Fearie
Target of a Faerie weapon may be teleported / Causes User to Blink in Combat (as Witchdoctor spell?)  / +2 Armour / o.5 Weight
Far Reaching
150% Range
Fast
User Gains +1 Movement
Foul
Target of Foul attack must roll vs. Health or become diseased
Giantslaying
3x Damage to Giants
Holy
+1 Magic Resistance, +1 M.R per "+" of the item / Death Armour +5, +5 per "+" of the item / +6 Damage / +5 Armour / 3x Damage to Undead and Deamons
Invisible
Automatically Renders User Invisible
Magicproof
Magic Resistance +2, +M.R per "+" of the item / Magic Armour +5, +5 per "+" of the item
Missileproof
User is Invulnerable to Missiles
Paralzing
Target of Paralyzing attack must save vs. Willpower or be paralyzed
Returning
Automatically Returns to Its Owner's Hand After Being Thrown
Stunning
Increased Chance of Stunning a Target
Shadow
User Automatically Hides / 0.5 Weight
Troll Slaying
3x Damage to Trolls
Weightless
Item Has No Weight