EDIT: This will not work on the current test server (1.10) or work at all on the regular servers as soon as 1.10 comes out.
Well.. I have found out how to do this after a short time playing around with Lootlink. Here is a step by step guided tutorial so anyone can do it. Its fun =)
Steps:
1) Download the Lootlink addon. Here is a direct link to the download:
http://www.curse-gaming.com/mod.php?downid=14831
2) Move the addon to your WoW's Interface/Addons folder as usual -- just as you would any other addon.
3) Log onto your account and make sure the plugin is enabled via the character selections' Addons button.
4) Once you are in the game, add the item you want to lootlink. This can basically be any item since you can change the name to anything. Although, if you want your "custom" item to link to a certain item when someone clicks it, make sure its in lootlink right now.
5) Log off and close WoW. Now the fun part begins =)
6) Go to C:/Program Files/World of Warcraft/WTF/Account. Once you are there, go into the folder that is your account that you use on WoW. Then, go into the folder 'SavedVariables'. Inside of here you will see the file 'Lootlink.lua'. Open up Notepad and drag this file into notepad as shown..
7) Once it is added.. you will notice a lot of information in here. Where I have placed the arrows below, this is the items' names that were in your lootlink. You can scroll down because there are probably many. You can change any of your items names but dont change the values for i, c, d, t, and s. Also don't screw up any of the syntax. Just simply change the names to anything you want.
8) Once it is changed, you should have something like this. Here is an example of my custom item name:
*** Note: If you want your "custom" item to link to something in particular, make sure that you are changing that items' name and not something random.
9) Save the file in notepad. Go onto your account and log into your character. Type /ll. And there is your custom
uber sexy item.
And now.. you can link this item to anyone you want in chats/whispers whatever you please. Enjoy. Have fun. Be good.
/bow