AC1 Unarmed class was brilliant, they used 3 different kinds of fist weapon. Hand-held claws called Nekodes, a hand-held pointed blade (that has torture historical significance...google it!) called a Katar...and another one that was basically a large clump of metal attached to the fist for hammer-type bludgeon damage called a Cestus.
For the Katar...
http://www.ruble-enterprises.com/katar.htm
basically, the third one down is how I see it. You would stab someone with it, then squeeze, and have the blades spread inside your victim, killing them instantly. I would say it was quite effective.
Having element-enhancing items for hand-to hand combat would be ok, just as long as they don't make it look stupid. I would, however, expect to see some kind of effect if my fists were charged with electricity or flame, etc.
-Eclipse