They can be.

Also, yes. It doesn't necessarily have to be a unique item, but most will actually try it if they do wager other than points. You won't get all the skills, but I'm assuming enough to use the weapon in question and perhaps develop your own style with it. 

For instance, you could win a staff that is capable of being surrounded in flames. You won't be able to summon flames yourself, but can as far as the staff is concerned.