ToME: the Tales of Maj'Eyal

And if it exists, how does it work ? Does it create a fully random item or is it possible to choose some stats ? Is it made from scraps ? Is it limited to some armor pieces ?

I've seen characters in the vault with items that made it obvious their names wasn't the dev's choice. Items I've seen were cloak, belt, light source and tool. edit : Also seen a helm

Your crafting options:

1. As an Alchemist you can infuse your armor with a gem. A prodigy also adds belts and helms. You can also get the talent tree with this ability from an Alchemist escort.

2. A Demonologist can bind demon seeds to weapons, armor, shields, and both rings. Unlike the rest of these, they come based on class talents and cannot be given to any other class (outside Adventurer). You can however, pick up any of the other abilities mentioned here. Even both of them if you want.

3. The biggest crafting option is Steamtech, available through Embers of Rage (and the main campaign once it's unlocked). Basically you exchange your transmogrification chest with a melter that will melt things you find in a dungeon down to raw materials, which you can craft into Tinkers that you can attatch to your equipped items. The tinkers you can craft are dependant on points you put into two generic trees.

4. The items you're most likely seeing come from Merchant Randarts. Towards the end of the main campaign you can buy a randomly generated amazing item of your choice for 4000 gold. Yes, these are worth the money. You can name this item whatever you like, unlike the randomly named items you'll find.

So no, nothing outright blacksmithithing or anything. But you have plenty of options!

There's also a gem that can transform a white text weapon or armor into a crystalline item.