In Fable, there are 8 auguments that can be unlocked.
Experience- When an experience augument is used, it gives extra experience to the Hero.
Flame- It takes away additional health to enemies that have a weakness of fire.
Health- When the weapon is being in use, it continuously regenerates health until the health bar is full.
Lightning- While the augumented weapon is being used, it causes extra damage to creatures easily harmed by lightning.
Mana- When the augumented weapon is being used, the mana bar slowly replenishes itself over time.
Piercing- Increases damage to enemy armour.
Sharpening- Increases damage to enemies.
Silver- Adds extra damage to Balverines and the Undead.