You mean like Zelda on Gameboy Color? Hmm, I'll see what I can come up with. I imagine you'd want to have an object state that's reserved for when an object is being held, and have it follow the player's movements. Then another state for when the object is thrown. Of course you'd want to edit your collision scripts so that the object ignores collision while held, in the same way that the player can't be hurt in their hurt state.