A Machinima director has discovered the key to carrying unlimited items in Skyrim. Pinoytutorial put together a tutorial guide for quick reference. It is unclear if Bethesda will be doing something about this or not and if any patches will rectify these exploits in the future. In the meantime you will have to use these at your own discretion. Be forewarned that some gamers have found it less fun to cheat before they have beat a game the legit way.
“As you can see from the clip, you’ll be able to use your companion Lydia to carry any items you want even though she has already reached her limit. Of course, there’s a lot of companions you can hire on Skyrim but Lydia is the most common one since you can have her earlier on the game after finishing a basic quest.
So to do the bug, you simply need to drop all the items individually. Once they are on the ground, aim on the items and ask your companion to pick it up. Magically, your companion can pick all the items you’ve dropped even though she has already hit a weight limitation. Just to double-check, you can see at 1:39 mark that all of your items are stacked accordingly with Lydia.”
Full Tutorial Here: PinoyTutorial.com