found out this interesting bit of information on how cooldowns work. While playing with my snowball maker i noticed that it is NOT soulbound. It has a 24hour timer withevery snowball you make. If you trade it to someone else, they too can make a snowball with that machine. the cooldown is bound to your character, not the item itself. so, you could in theory, make a ton of snowballs a day with just one machine.
the snowball machine might be near useless, but does anyone know of any other items with cooldowns that arent soulbound?