Item Enchantment is a great skill for any fighter, because it lets you charge up your weapons and armor. It's less helpful for helping out other players, because while you can see another person's weapon that they are wielding, they'd have to give you the armor for you to enchant it. Not good during a battle :)

Here are some of the level 1 and 2 spells you can learn very quickly. Note that the Level 2 spells use the exact same components as level 1, except you move up to the iron and add a colored taper right after it.

Armor Spells

Lightning bane: lead - hyssop - onyx - brimsotone - ashwood
27.3 yd 3.8-6.3 duration, 10% resistance lightining

Acid Bane: lead - hyssop - onyx - gypsum - ashwood
27.3 yd 3.8-6.3 duration, 10% resistance acid
For Lvl 2: add turquoise taper

Piercing bane: lead - hyssop - onyx - quicksilver - ashwood
27.3 yd 3.8-6.3 duration, 10% resistance piercing

Flame bane: lead - hyssop - onyx - stibnite - ashwood
27.3 yd 3.8-6.3 duration, 10% resistance fire

Blade bane: lead - hyssop - onyx - turpeth - ashwood
27.3 yd 3.8-6.3 duration, 10% resistance slashing

Frost Bane: lead - hyssop - onyx - cinnibar - ashwood
27.3 yd 3.8-6.3 duration, 10% resistance frost
For Lvl 2: add orange taper

Impenetrability: lead - hyssop - onyx - cobalt - ashwood
For Lvl 2: add yellow taper

Weapon Spells

Blade Drain 2 - dg +4
Iron-violet-hyssop-turquoise-quicksilver-ash

Defender 2 - mele def +5
Iron-grey-hyssop-turq-turpeth-ashwood

Heartseeker: Lead-hyssop-turquoise-vitriol-ashwood
27.3 yd 3.8-6.3 duration, attack +2.5%
2: Iron-pink-hyssop-turquoise-vitriol-ashwood

Leaden weapon 2 - slow down the weapon
Iron-red-mandrake-turquoise-stibnite-ashwood

Swift Killer Lead-hyssop-turquoise-stibnite-ashwood
27.3 yd 3.8-6.3 duration, speed +10
2: Iron-white-hyssop-turquoise-stibnite-ashwood Speed +20

Hide Value: Lead-mandrake-turquoise-cinnibar-ashwood
Mana 10 rg 27.3 +10 resist app
2: Iron-blue-mandrake-turquoise-cinnibar-ashwood

True value 2 - item easier to identify
Iron-blue-mandrake-turquoise-cinnibar-ashwood

Strengthen Lock: Lead-hyssop-turqoids-verdigris-ashwood
Makes lock harder to pick by 10 pts

Weaken lock 2 - lock easier to pick
Iron-orange-mandrake-turqoids-verdigris-ashwood Blood Drinker 1 - Lead hyssop turq quicks ashwood
1 m10 chg 100 rg 27.3yd wp dg +2

Impenetrability 1: Lead hyssop onyx cobalt ashwood
m10 +20pt shield/armor

Asheron's Call walkthrough