Cespenar turns various components into fabulous items for a price. You'll find him in your pocket plane after doing a bit of Throne of Bhaal expansion. You can return to the pocket plane whenever you wish (it's a special ability your character has) and you can safely store things there.
Components marked with an * are required for more than one item but as far as I know there is only one in the game so choose wisely.
I recommend you keep any excellent items even if you can't use them. Later on, you can give some characters Use Any Item special ability which is fantastic. 
Armour, Bracers, Helms, Cloaks, etc
| Item | Special abilities | Components required | Cost |
|---|---|---|---|
| Aslyferund Elven Chain +5 | While worn user is completely immune to normal weapons Bards can cast whilst wearing it Armour Class 0, weight 15 |
Bladesinger Chain +4 Protection From Normal Weapons Scroll |
40,000GP |
| Blue Dragon Plate | 90% resistance to all lightning and electrical attacks Armour Class -1, weight 20 |
Blue Dragon Scales | 5,000GP |
| White Dragon Scale | 50% resistance to Cold Cast Cone of Cold 3 times a day Armour Class -2, weight 15 |
White Dragon Scales | 5,000GP |
| Blessed Bracers | Cast Cure Critical Wounds once/day Cast Resurrection once/day +10 maximum hit points while equipped Only usable by Paladins, or anyone with Use Any Item. |
Paladin's Bracers | 10,000 GP |
| Montolio's Cloak | +1 bonus to saving throws +2 THAC0 with Off hand +1 Armour Class Only usable by Rangers, or anyone with Use Any Item. |
Montolio's Cloak Montolio's Clasp |
5,000GP |
| Improved Cloak of Protection +2 | Cast Improved Invisibility once/day Cast Improved Haste once/day Armour Class +2, Saving Throw +2 |
Cloak of protection +2 Invisibility Scroll Improved Haste Scroll |
20,000GP |
| Helm of the Rock | Cast Aura of Command 3 times a day (unless saved enemies will flee in terror) 25% resistance to fire, cold, acid, poison and electricity Only usable by Fighters, or anyone with Use Any Item ability. |
Helm of the Rock Left Horn Right Horn |
5,000GP |
| Thieves' Hood | Immune to backstab and poison Cast True Sight 3 times a day (dispels illusions) Only Usable by Thieves, or anyone with Use Any Item ability. |
Thieves' Hood Ring of Invisibility Antidote Potion |
10,000GP |
| Circlet of Netheril | +10 to maximum hit points Memorise one extra 7th and 8th level spell Only usable by Mage |
Circlet of Netheril Bronze Ioun Stone |
5,000GP |
| Wondrous Gloves | +1 Armour Class, +1 THAC0 Additional 2nd, 3rd and 4th level spell slot Only usable by Bards, or anyone with Use Any Item ability. |
Bard's Gloves 1 Ruby 1 Emerald 1 Diamond 1 Rogue Stone 1 Star Sapphire |
10,000GP |
| Clay Golem Manual | Summons a Clay Golem for 10 rounds once/day Only usable by Mage or Bard, or anyone with Use Any Item. |
Golem Manual Clay Golem Page |
5,000GP |
| Stone Golem Manual | Summons a Stone Golem for 10 rounds once/day Only usable by Mage or Bard, or anyone with Use Any Item. |
Clay Golem Manual Stone Golem Page |
10,000GP |
| Juggernaut Golem Manual | Summons a Iron Golem for 10 rounds once/day AC -2, only hit by +2 weapons or better, 99 hit points, THAC0 -1 Fists act as +2 weapons Damage 8D8 +2D6 & stun if save fails Also will absorb all melee damage to summoner for 5 blows, but then is dispelled. Only usable by Mage or Bard, or anyone with Use Any Item. |
Stone Golem Manual Juggernaut Golem Page |
15,000GP |
Weapons
| Weapon | Special abilities | Components required | Cost |
|---|---|---|---|
| Carsomyr + 6 (Two-handed sword) | THAC0 +6, Damage 1D12 +6, Speed 4 50% magic resistance when equipped Dispel magic 3 times a day Sword dispels magic on opponents with every hit +6 damage to chaotic evil opponents Only usable by Paladins, or anyone with Use Any Item ability. |
Carsomyr +5 Eye of Tyr |
5,000GP |
| Gram the sword of Grief +5 (Two-handed sword) |
THAC0 +5, Damage 1D10+5, Speed 5 User has 5% Magic Resistance when equipped 10% chance of 2D12 poison damage Opponent will lose 1 level every attack if save fails (-5 penalty). |
Gram the Sword of Grief +5 * Heart of the Damned* |
5,000GP |
| Short Sword of the Mask +5 | THAC0 +5, Damage 1D6+5, Speed 0 15% chance to drain 1 level from opponent with each attack 15% chance to entangle opponent for 24 seconds with each attack (no save) |
Sword Sword of the Mask +4 * Heart of the Damned* |
5,000GP |
| Axe of the Unyielding | THAC0 +5, Damage 1D8+5, speed 2 user regenerates 3HP/round User gains 1 constitution and 1 Armour Class 10% chance of instantly killing an opponent with each attack |
Axe of the Unyielding +3 Baalor's Claw |
5,000GP |
| Angurvadal +5 (Long Sword) |
THAC0 + 5, Damage 1D8 +5, 1D4 +1 fire damage, Speed 0 | Angurvadal + 4 Liquid Mercury |
10,000GP |
| Foebane +5 (Bastard Sword) |
THAC0 +5, Damage 2D4+5, +6 damage vs shapeshifters, undead and all extra-planar beings (demons,planetars, etc), Speed 3 | Foebane +3 Fflar's Scabbard |
5,000GP |
| Purifier +5 (Bastard Sword) |
THAC0 +5, Damage 2D4+5, +5 damage versus Chaotic Evil opponents, Speed 3 User has 30% magic resistance Cast Mass cure once/day Cast dispel magic twice/day |
Purifier +4, must be lawful good to find it, you can always borrow Mazzy or Keldorn Eye of Tyr |
5,000GP |
| Hindo's Doom +4 (Katana) | THAC0 +4, Damage 1D10+4, Speed 0 User is immune to all form of death magic & has 10% Magic resistance whilst equipped Cast Greater Restoration once/day |
Hindo's Doom +3 Hindo's Hand |
5,000GP |
| Runehammer +5 | THAC0 +5,Damage 2D4+5,Speed 0 User has Negative Plane Protection & is immune to Fear whilst equipped Mass Cure once/day Fire Giant Strength once/day 4-16+10 damage to undead and will destroy them if save fails (-4 penalty) |
Runehammer +4 Rune of Clangeddin |
5,000GP |
| Spectral Brand +5 (Scimitar) | THAC0 +5, Damage 1D8+5, +1D6 cold damage, Speed 1 summon spectral blade once/day. (Dancing sword fights on its own for wielder, doing 1D8+3 damage for 4 rounds with every attack) User has Negative Plane Protection Armour Piercing Strike once/day which raises THAC0 to +10 for 3 rounds |
Spectral Brand +4 Skull of the Lich |
5,000GP |
| Flail of Ages +4 | THAC0 +4, Damage 1D6+5, 1 fire damage, 1 cold damage, 1 acid damage, 1 poison damage, Speed 3 33% chance to slow opponents with every attack (no save) |
Flail of Ages +3 Poison Flail Head |
5,000GP |
| Flail of Ages +5 | THAC0 +5, Damage 1D6+6, 2 fire damage, 2 cold damage, 2 acid damage, 2 poison damage, 2 Electrical damage, Speed 2 User has Free Action and 5% Magic resistance 33% chance to slow opponents with every attack (no save) |
Flail of Ages +4 Electric Flail Head |
5,000GP |
| Storm Star +5 (Mace) |
THAC0 +5, Damage 1D6+6, +1D6 electrical damage, Speed 2 5% chance of chain lightning with each attack User has 20% electrical resistance whilst equipped |
Storm Star +3 Starfall Ore |
5,000GP |
| Club of Detonation +5 | THAC0 +5, Damage 1D6+5, +5 fire damage, Speed 4 30% chance +15 fire damage to opponent with each attack 5% chance of Fireball with each attack (be careful as it harms party members too). |
Club of Detonation +3 Ring of Fire Resistance |
5,000GP |
| Dagger of the Star +5 | THAC0 +5,Damage 1D4+5,Speed 0 5% chance of 1D8 Fire and 1D8 electrical extra damage to opponent 15% chance user will become invisible for 60 seconds with each attack |
Dagger of the Star +4 5 Star Sapphires (I couldn't find 5 in the expansion so I suggest you keep some) |
5,000GP |
| Ixil's Spike (Spear) |
THAC0 +6,Damage 1D6+6,Speed 2 with every attack, if save fails, opponent will be pinned for 3 rounds and take 1D6+5 damage each round. |
Ixil's Spike Ixil's Nail +4 |
5,000GP |
| Ravager (Halberd) |
THAC0 +6, Damage 1D10+6, Speed 3 3-18 damage to opponent if save fails 10% chance to kill opponent (no save) Cast Cloak of Fear 3/day |
Ravager +4 Serpent Shaft |
5,000GP |
| Staff of the Ram +6 | THAC0+6, Damage 1D6 + 12 crushing +1D4 piercing, Speed 1 | Staff of the Ram +4 Roranach's Horn |
5,000GP |
| Firetooth +5 (Crossbow) |
THAC0 +7 (+5 crossbow, +2 fire bolts), Damage 1D6+5, +2 fire damage, Speed 1 Automatically shoots +2 fire bolts so no bolts required unless you want to. |
Firetooth +4 *Bowstring of Gond* |
5,000GP |
| Darkfire Bow +5 (Short Bow) | THAC0+5, Speed 1 user has 5% bonus to fire and cold resistance Can cast Improved Haste once/day |
Darkfire Bow +4 *Bowstring of Gond* |
5,000GP |
| Taralash +5 (Longbow) |
THAC0 +5, Speed 2 User has movement rate increased by 2 whilst equipped |
Taralash +4 *Bowstring of Gond* |
5,000GP |
| Erinne Sling +5 | THAC0 +5, Damage +5, Speed 0 Can create 5 +4 bullets once/day |
Erinne Sling +4 | 5,000GP |
| Bag of plenty +2 | Unlimited +2 Bullets | Bag of Plenty +1 King's Tear |
10,000GP |
| Quiver of plenty +2 | Unlimited +2 Arrows | Quiver of Plenty +1 Rogue Stone |
10,000GP |
| Case of Plenty +2 | Unlimited +2 Bolts | Case of Plenty +1 King's Tear |
10,000GP |