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MAGIC WEAPON
School transmutation; Level cleric 1, paladin 1, sorcerer/wizard 1
Casting Time 1 standard action
Components V, S, DF
Range touch
Target weapon touched
Duration 1 min./level
Saving Throw Will negates (harmless, object); Spell Resistance yes (harmless, object)
Magic weapon gives a weapon a +1 enhancement bonus on attack and damage rolls. An enhancement bonus does not stack with a masterwork weapon's +1 bonus on attack rolls.
You can't cast this spell on a natural weapon, such as an unarmed strike (instead, see magic fang). A monk's unarmed strike is considered a weapon, and thus it can be enhanced by this spell.
MAGIC WEAPON, GREATER
School transmutation; Level cleric 4, paladin 3, sorcerer/wizard 3
Casting Time 1 standard action
Components V, S, M/DF (powdered lime and carbon)
Range close (25 ft. + 5 ft./2 levels)
Target one weapon or 50 projectiles (all of which must be together at the time of casting)
Duration 1 hour/level
Saving Throw Will negates (harmless, object); Spell Resistance yes (harmless, object)
This spell functions like magic weapon, except that it gives a weapon an enhancement bonus on attack and damage rolls of +1 per four caster levels (maximum +5). This bonus does not allow a weapon to bypass damage reduction aside from magic.
Alternatively, you can affect as many as 50 arrows, bolts, or bullets. The projectiles must be of the same kind, and they have to be together (in the same quiver or other container). Projectiles, but not thrown weapons, lose their transmutation after they are used. Treat shuriken as projectiles, rather than as thrown weapons, for the purpose of this spell.
I would say yes.
yes, however enhancement bonuses do not stack. So you could use greater magic weapon to replace the enhancement bonus on a +1 longsword, with the spell's higher enhancement bonus.
Greater Magic Weapon can be useful on a magic weapon. Magic Weapon will affect it, but it would be rare that it would be useful since the bonuses won't stack.
The only situations that I can think of where Magic Weapon would be useful are when the weapon has been targeted by a Dispel Magic and suppressed, or with a Defending weapon.
It you successfully target a +3 axe with Dispel Magic, it temporarily becomes a masterwork axe, with +1 to hit and +0 to damage. Magic weapon would boost that to +1/+1. Similarly, if you transferred all of a defending weapons enhancement bonus to AC, Magic Weapon would then give you an additional +1 bonus to damage (but still overlap with the +1 bonus to hit from a masterwork weapon).