Theres a bug that allows to keep you all sort of items at your equipment slots. They cant be seen, but weapon slots can be used as additional storage room, and its easy to use. It also can make some sort of problems - dunno.

How to do it:
1. Open Inventory and Packs panels.
2. Put any tool or weapon at weapon slot or hand.
3. Drag the tool(weapon) into some item from your bag.
4. Bang! They switched. Now you got axe at your bag (you can drag it to other weapon slot), and the item that isnt equipable was equiped.

Log files add such lines:
Thu May 20 23:31:17 2010 : Warning: Missing LOD 0 For Mesh: resource_dirt_1.mesh
Thu May 20 23:31:17 2010 : Warning: Missing LOD 0 For Mesh: no_art_0.mesh
Thu May 20 23:31:48 2010 : Warning: Missing LOD 0 For Mesh: resource_dirt_1.mesh
Thu May 20 23:31:48 2010 : Warning: Missing LOD 0 For Mesh: no_art_0.mesh
Thu May 20 23:32:34 2010 : Warning: Missing LOD 0 For Mesh: resource_dirt_1.mesh
Thu May 20 23:32:34 2010 : Warning: Missing LOD 0 For Mesh: no_art_0.mesh
Thu May 20 23:33:56 2010 : Warning: Missing LOD 0 For Mesh: cloth_000_pelvis.mesh
Thu May 20 23:33:56 2010 : Warning: Missing LOD 0 For Mesh: no_art_0.mesh

log was generated when i placed 2 dirt in my weapon slots, 1 dirt in right hand and my trousers in my left hand.