Ramaladni's Gift can only be applied to a weapon that does not have a socket. When used, it adds the socket to that weapon (as one more Primary affix, which can go above the normal 4 or 5 primary affixes limit). This socket cannot be enchanted or re-rolled. A weapon that already has a socket can only be enhanced by removing the socket first (through Enchanting). Use this item and select an unsocketed weapon to add a socket. This item is destroyed in the process.
A weapon can only be enhanced once, and it will never allow having two sockets on a single weapon. Note that Ramaladni's Gift can only be applied to a weapon obtained after patch 2.0.
After many years of learning from the great smiths of the Barbarian tribes, Ramaladni at last returned to Westmarch. “Friends,” he told the brotherhood of armorers, “I have one word for you. Just one word. Sockets!”