Lady of the Lake
Northwest of Whiterun, you'll enocunter a shallow, isolated lake. Smack dab in the middle, a skeletal hand emerges from the water, holding a sword aloft. It's a clever nod to the King Arthur myth, where the Lady of the Lake presented Excalibur from beneath the water, thus giving Arthur his famous blade.
While the actual item will vary based on your current level, it's certainly nothing special, and it looks like the Lady of the Lake's arm hasn't held up very well over the ages.
