Might and Magic allowed you 10 rings. Now this is impossible: ever tried carrying a ring on every finger (including thumb)? Not only it hurts like hell when you try to swing a sword but it also looks weird. In addition, think of all the balancing needed to be done...
I can tell you from personal experience that it is possible to be a thoroughly competent archer while wearing three rings. I can't tell you if it's possible to be a competent fencer with rings on because frankly I was terrible at it either way.
