The Elder Scrolls IV: Oblivion Glitches

Permanent bound weapons (alternate)
This is another way of keeping any bound weapon you get. Summon a weapon of your choice, either through spell or stone like the Reman stone I used when I discovered this. After getting your item of choice get into a fight with a human character that fights with melee weapons. If they disarm you find the weapon that you had. You will notice it will now not act like a normal bound weapon if you pick it back up. Drop it again for the remainder of the spell. It should remain on the ground. Pick it up for your permanent bound weapon.

Note: I found this on the Game of the Year addition with the DLC disc loaded. Not sure if this is applicable with other DLC and patches loaded.