If it has 2 sockets and for a low level sorc, it's not magical (although it may have some +skill bonuses).
Ganga: Sorry man, it's mostly worthless. Like Titus and Kockblocker said, a good rare would pwn the shit out of that, and a BOTD would pwn most of said rares. I'd keep it for novelty or if you lack good equipment.
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