I think there should be standard weapons and then race/class specific ones.

So you've got the basic swords, staffs, maces and what not.

Then for the classes you have things like poisoned daggers for thieves, Two-handed battle axes for warriors, Giant hammers for dwarves and so on.

I think spells should be pretty limited to your race and class.

Like if you came from a shamanic background you would have spells from that. if you became a mage, you would have the wizards spell list, a necromancer would have raise the dead spells and so on