The closest thing to a magical weapon we can expect would IMO be the flame metal sword...
but that isn't available yet.
We can go to Ashlands, mine flaming ore and smelt it into flame metal ingots, but that's as far as it goes for now in the vanilla game.
I suspect that a flame metal weapon will be handy to use against the mobs (spiders please) we may get when Mistlands is implemented, but we shall just have to wait until next year (most likely) to see ;)