I know the Ring of Vipereye has perm quest item glitch, meaning it's always 0 weight, but you can't drop it. I didn't know that the effect is perm??
It ordinarily isn't, but some items can have their effects permanently bestowed on your character by a http://www.uesp.net/wiki/Oblivion:Glitches#Permanent_Effects_from_Quest_Items.