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Sauron made the One Ring to rule the other Rings of Power: you need a Ring to rule the Rings? This makes an odd kind of sense to me -- his own innate power had not worked, he had been unable to subdue Middle-Earth on at least two occaisions, so the only recourse was to take the gamble of depending upon a new kind of 'technology'; his power couldn't be imposed on others, so he develope a cunning way to have his power be accepted by those he could seduce. He had to give some of himself (his evil) to bind others to him -- just like people in love have to give of themselves to bind themselves together.
As to the Nazgul and their Rings, by the time of the War of the Ring, the no longer wore their Rings -- if they did, then when their bodies were destroyed by Elrond and Gandalf at the Fords of Bruinen then they would have lost their Rings and been either freed of fully dead. I think that the final result of having become a Wraith is that the 'technology' of the Ring was no longer needed in direct application -- like with Gollum, even after he lost the Ring it still exercised total control of him.
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