When there is 1 charge left on a wand and one fails his UMD check, the wand is removed from inventory and then back again, saying it has one charge in description. However, if one places it in a quickslot the number says 0, and any attemt to use it results with "You cannot use that item" message.

Relogging should counter this, I believe.

Yep, it helped. But that's not the point, it's still a bug that can be nasty in effect in certain situations.