It seems like its going to be a prize for a future event/tourney.
Basically something like this. As far as I know, I'm the only one who has the Looney Toons Axe and the Boulder on a Stick. The reason I was using them was to show that we have them, and then to ask how we should be giving them to (selectively) to players. They were removed for a reason, so I don't like the idea of adding them back in for everyone, particularly in the case of the Looney Toons Axe. Instead, since we have the opportunity, I think having them as reward or event items is the best option. I'm actually about to draw prizes for the NA/EU events raffle, and these could be among the prizes, one reason I used them on NA and EU today.
It's no surprise, they were in the change log that chadz posted.