You can apply various rings to a wand of nothing to turn it into a wand of something related to the ring (e.g. polymorph ring makes a polymorph wand, increase damage becomes striking, see invisible becomes secret door detection, etc). Or instead of the ring identity, make it so that the wand becomes the corresponding material of the ring, e.g. a steel ring will produce a gold wand.

This gives a message, “As you thread the ring onto the [foo wand] it seems to twist in on itself. You now hold a [bar wand] in your hands.”

Possibly it should also work on any cancelled wand, in addition to nothing wands, which are rare and not always identified.