well, this procedure was taught to me and its worth passing on....
you need access to the arcane uni and 100% conjuration skill.
first buy some of the conjuring spells for bound items, say an axe a bow and a mace. go to the university and create a 'bound weapons' spell that conjures ALL of the bound items in one go.
fire the spell - one of the spell's bound conjurations will appear 'in hand' as normal, BUT, the other bound items will also appear in your inventory. whilst the spell is in effect, select the required item, 'say the bow' in the inventory and choose to drop it. you'll see the bow drop to the floor as a solid non-bound item which can then be picked up, like any item. you now have a weightless deadric bow that can be used as a regular bow or enchanted with special qualities. it will not vanish, or time expire and you can rinse and repeat to get a huge arsenal of weightless weapons which can then be given different enchantments.
this works on vanilla ps3 oblivion - i guess you'd class it as a programme glitch.
apologies to those wise owls to whom this may be old hat..............