Yes, there are several different types of magical items available to players. These items are almost never found in stores; instead they are found on monsters, quested for, or in some cases crafted by other players.
The most basic type of magic type is a magical “bonus” that simply makes weapons easier to hit with and armors harder to hit.. This is described by an adjective denoting the level of magical bonus (bright, shining, glowing, brilliant, etc.). If you see a suit of “bright iron chainmail armor” you’ll know instantly that it has a basic magical bonus on it making it a little more difficult to hit than a regular suit of iron chain.
Another type of magical item gives bonuses to player statistics (i.e. strength, constitution, intelligence, etc.). These items are also found on quests or from monsters. As players advance in level, they should accumulate as many of these items that effect their primary stats as possible. These items can also increase player hits and power (magic) points.
Other items can also increase player skills such as hiding, evading, dual-wielding, and any of the other dozens of skills that are supported in the game.
Spell-casters can quest for special “focus” items that make their particular type of spellcasting more power. For example, Wizards can specialize in the elements of fire or ice, and can quest for a focus item (a fiery pendant or frost ring) that gives them more skill in that element type. Each type of spellcaster has skills directly relating to his spell ability, and thus can find items to increase that ability.