What determines the glow color/particle effects of a weapon?

I am looking into this now, and it appears that the effects can be randomly assigned, but they are also usually connected to various weapon bonuses. It appears that the dripping blood effect is from life steal or health generated per second. I can confirm that my weapon has the effect and mine has life steal.

Here is a nice showcase of all the effects, sadly it does not say what caused them.

Furthermore, as quoted from Blizzard (Bashiok):

They're low level items with low level elemental effects on them. It wouldn't be very awesome when you find a super insane weapon later and the elemental effect looks the same as a level 10 item, would it? :)

This basically means the more powerful the elemental power the brighter the glow.

Effects

1. The effect at 0.05 is associated with Cold damage. (Possibly more)
2. The effect at 0.08 is associated with Fire damage. (Possibly more)
3. The effect at 0.16 is associated with Poison damage. (Possibly more)
4. The effect at 0.21 is associated with Arcane damage. (Possible more)
5. The effect at 0.29 is associated with Lightening damage. (Possibly more)
6. The effect at 0.35 is associated with damage dealt is converted to life and life steal (Possibly more)
7. The effect at 0.41 is associated with the "Of Storms" item tag. (Possibly More, also, this is considered lightening damage as well)
8. The effect at 1.13 is associated with Holy Damage. (Possibly more)

It also important to note that other effects can overpower each other. I will try to provide examples as they present themselves.

1. Arcane is overpowered by the life steal glow. (It seems)
2. Chance to freeze on hit is overpowered by life steal glow (It seems)
3. Poison damage is overpowered by life steal glow (It seems)

It seems as though life steal trumps all glows.

The effect at 1:00 is an "attack speed" glow. (windy-electric looking)

Kinda looks like teal/cyan lightning or wind/watery effect, hard to describe. I have had it overwrite my arcane glow. (The arcane dmg was very small 2-3 while the attack speed buff was stronger). I am not sure this is a common though. I went and bought some lower level attack speed items Bingo shows up so long as you don't have a powerful glow effect on the item. Its hard to get because most items have a more dominant glow on them already.

If you want this glow, go for a bonus min damage + attackspeed. The bonus to min damage will ensure no elemental glows will interfere. The only thing you need to watch out for is life steal. XD

The effect 1:24 is a skill that wizards cast on their weapons to increase weapon damage by a percentage.

It looks like a mix of gold and purple firecrackers going off around the weapon.