Ulgrim's Island

Difficulty:  10+ to survive the run
Level Restriction:  None 
Timer:  14 Days
Can be Solo'd?  Yes
Rewards:  Ulgrim's Casting Stein, Ulgrim's Treasure

Want to stop in on Ulgrim at home?  Buy a Winter Lager from the Nanto Barkeeper and give it to the Drunken Madman outside of Baishi (53.0S, 61.0E).  Instead of summoning a portal to the Walled Portals like usual, the Madman will summon you to Ulgrim's Island, just south of the Southern Landbridge.  Aside from Ulgrim's house, there is another island with pretty dense spawns of Small Golems.  When you've explored as much as you like, head into Ulgrim's house and enter his dungeon.

Have a look around Ulgrim's basement and find a mug of Ulgrim's Home Brew.  You can also kill mice until one drops a golden key.  Find a section of the basement with a Ghurun'dim rug hanging on the wall - it's hiding a false wall.  Use the key on the locked door just beyond the rug to enter Ulgrim's Treasure room.  You can pick up a pile of Ulgrim's Treasure to display at your own home if you like.  There are numerous other items in Ulgrim's basement, but the Home Brew and the Treasure are the only ones that have a use.  When you've explored enough of Ulgrim's Basement, return to the surface and give Ulgrim his Home Brew.  He will reward you with his Casting Stein, which casts Stamina to Mana IV - ideal for no-life, no-mana conversion characters.  It also looks nice too!