Well, the Wand of Wonder, though auspiciously named, is entirely too unreliable to fully capture the magnificence of the phallus. ;) The Rod of Lordly Might, on the other hand, is truly majestic.

As for spells, I prefer "Sticky Saddle" from the Spell Compendium. And then there's Prestidigitation and Mending for when things get a bit out of hand...

And sadly, my comment about the "bag of holding" vs. "bag of devouring" didn't get included. Vagina dentata! *nom nom nom*