But that wouldn't be random now would it?
It is random. When an item's generated in, say, Diablo, it randomizes whether there's a prefix and/or suffix, then randomizes each of those from a list. (And that's on top of how many items are dropped, what type of item, what quality of item, etc.) As the level/difficulty increases, the range of possible items/prefixes/suffixes gets larger and better.
So, a low level item might only be able to get "Fire Damage" suffixes from 10 to 40 damage, while a higher level one could get ones from 50 to 200 damage. And there's all sorts of prefixes and suffixes (+% physical damage, +static physical damage, +elemental damage, life or mana drain, crit bonuses, etc, etc, etc. http://www.d2tomb.com/item_prefixes.shtml of http://www.d2tomb.com/item_suffixes.shtml.)
That kind of loot generation system lends itself to New Game+ style games, where you play the same character over several playthroughs, getting higher and higher level and equipping better, and better, and better gear.