In Fable and Fable: The Lost Chapters, piracy has started out and some people are already collecting riches on the sea. A pirate had died out at sea and wanted you to give his wife his money which he buried in the Treasure of the Ghost Pirate quest.
In Fable II, pirates and piracy is mentioned a lot. Two of the most noted pirates ever were Reaver and Captain Dread. Bloodstone is a port town where many pirates come because of the lack of law and the easy accessibility to the sea.