You know that is something to think about I have not found a weapon with frost or lightening or anything like that. I have found some that changes my stats and adds resistance but not one that me any type of magical killing power. although I have not missed having them either.
The first time i played the game i did not notice that the items are randomly generated and i used the items i found.
The second time i played the game i decided to get very good items.
For exemple, there is a good two handed sword hidden near Glenborus, the dwarven village.
Before to grab the sword i made a savegame.
Then i looked to the stats of the item, if the stats were not good enough i loaded the savegame and i tried again.
Finally i got an excellent sword with great stats and frost and poison dammages.
I did the same thing for other items like rings, amulets, etc. and also, before visiting the shops to get spell books.