The customization options for items and skills really is amazing now, you can literally do anything.
Bracelet that allows you to use a certain class or weapon/armor? Doable
Spell that enchants your attack with flames at the cost of making you vulnerable to water? Doable
Items that teach you skills? Doable
Potions that boosts stats for a certain amount of time? Doable
Spell to prevent random encounter? Doable
Tons and tons of options!
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http://en.wikipedia.org/wiki/TORtanic