Railroad Spike Bottle Opener
This unique bottle opener sold at Vat19.com features a twisted handle and claw shape cut from the pointed tip of the railroad spike. The claw shape is used to open the bottle and the twisted handle allows for a good grip. It is a sturdy and decorative tool, and costs less than $20.
Railroad Spike Hammer
This do-it-yourself hammer uses the spike end of the railroad spike as a handle and the anvil end as the hammer head. You can wrap the spike end in leather for a better grip. For greater leverage, you can attach a wooden handle to the middle of the rail spike, with the spike perpendicular to the handle. The handle can either be attached with leather binding or by cutting a notch in the wood, laying the spike in the notch and drilling a pin through the wood and spike. An extended handle gives you more power, and it also gives you an additional pick tool--the point of the spike.
Railroad Spike Knife
This is a popular use of railroad spikes, in which the spike end is melted down and formed into a sharp knife, according to LA Metal Smiths. A custom handle also can be either welded into the spike or made from additional material and attached to the spike. Railroad spike knives can be purchased from numerous antique-and-collectible websites.