Ring Quest/Solution with spoilers

The seer
His hut can be found in the north-east forest. Pay him 100 Gold Sovereigns.

The Seer says that there are:
 * 1) birds of great stature 	(sandroc)
 * 2) ogres of ill-demeanor 	(ogre & ogress)
 * 3) trolls with insatiable greed 	(bridge troll)
 * 4) evil creatures of the night	(werewolf and perhaps manticora)

Then he adds: "Be ye especially wary of that which is not" ("not... in the list above" means not existing at all: they are illusions).

Two ogres and a troll
The ogress lives in a shipwreck on the west coast. When she hugs Gorn, the "ogress smell" is an item that remains invisible in the inventory.

To the south is a bridge troll. Before attempting to pass his bridge, drop all items except for 20 Gold Sovereings and the waterskin.

An ogre lives beyond the troll bridge. Normally, he will kill you and Gorn, unless your companion has the ogress smell. Then, lead the ogre back to the ogress, they will both leave, and you can get two items inside the shipwreck.

The river
The river is to the west. Follow the canyon edge south-west, until you can follow the river bank to the north. Enter the cave and collect the three items.

Barachna
"Arachna" is ancient Greek for "spider".

Bayrosnaca
"Pyro" is ancient Greek for "fire", "snaca" is old Germanic for "snake".

Bafenris
"Fenris" comes from "Fenris", a huge wolf in Germanic mythology.