is it possible to show a player's hand when they're holding an item?

i'm trying to make a mod based on bioshock, and most of the "magic" sort of weapons (for lack of a simpler term) display on the user's hand as opposed to being an object they hold. for example, the electro-bolt weapon shows the player's hand with glowing blue veins 

would it be possible to render the player's hand while they're holding an item? the way i'd see things like that working is a mostly transparent cube around the player's hand with the marks textured on, but i'm not sure i can even do that since the hand doesnt render with items out to my knowledge