You make a potion to fortify enchanting, then enchant a pair of gloves to fortify alchemy, loop that until you get to a ridiculous level, then make a potion and a ring to fortify smithing and smith an awesome sword.
Abusing Alchemy was actually a very common trick in TES III: Morrowind, to the point where you could use it to beat the main quest in about 15 minutes, but they nerfed alchemy in Oblivion so that you couldn't do stuff like that anymore. I'm sure it's similarly limited in Skyrim, but even being able to do a loop like this to reach the max level of something very early on would be quite powerful.
