I don't know about pants, maybe you could rig them up and update the limbs' positions and orientations to match those of the legs. o.O The alternative is to save the skeleton and animations from the player, get rid of the mesh and rig up the pants and export them with animations, then just reposition them where the player is and animate the two objects simultaneously.
If you want to make a sword, all you have to do is GLUE OBJECT TO LIMB to glue it to the hand limb...if it just sticks under his feet, then you have the same problem I do where the limbs don't have their own center point. Although I should think that a modelling app like 3DS Max would do that automatically, or atleast have a way of doing it.