Have you tried un-equipping and reequipping the item? I dont think the item itself it bugged, other people use it. Try using some other weapon on a training dummy long enough to see white damage, then re-equip it and see what happens. What you are describing is exactly what happens with my lowbie p...
According to magelo you're level 69. If you delevel with a required level 70 item equipped, it will stay equipped but you won't get the stats, and if its a weapon, you'll just use your hands. Yes, I lost my level shortly AFTER this post. I can assure you, the problem was happening before I lost my ...