Is this some kind of special item?
This is a Unique Item. Unique items are items that have a unique model, name, and a piece of lore at the bottom of their item description. They also have more constrained affixes(though there is still some variation). A unique item is different from a legendary item, in that not all unique items are legendary, but all legendary items are unique, other than that, they are incredibly similar aside from the number of affixes.
For whatever reason, The Diablo 3 Item Database does not list these items, perhaps because they are intended to be an easter egg of some sort(one item, The Clipper, is a reference to Borderlands), or because they have not completed the database yet.
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The item mentioned above is a 'unique' item, but is only of magic rarity. It has some flavour text but there are many non-legendary items in the game that do. The flavour text is intended to aid immersion, and to provide you some back story on what that item means within the game world.
Here is a link to the Diablo 3 US forums with lists of other items of similar rarity with flavour text;
While these may not appear in the official Diablo 3 item database, it's worth noting that Rakanishu's Blade in particular is specifically required for one of the challenge achievements (Bashanishu).
No, it's not a legendary.
Yes there are others like it. My favorite is Wirt's Original Leg.
Blizzard just has a really good sense of humor and likes to entertain their fans. They brought back a lot of the items from D2 and D1. Some of them are meant as jokes and some are just for nostalgia. My buddy didn't stop laughing for 5 minutes when he saw Obsidian ring of the Zodiac was made a legendary in this game.