I was wondering can anyone explain what the shield with the ivory skull is for?
or does it have any importance or can any characters actually use this thing?

Could you give any extra info? I dont recall that shield type off the top of my head in Icewind. :?

The shield I am refering to may not even be a shield as I looked again at the item it says
this is a holy symbol of Myrkul. but I still can't equip it. Does anyone know if there is
any reason to keep this item?? I have a fighter,palidin,fighter/thief,magic-user,cleric,and
a druid. As party members. Any help on this item is greatly appreciated.

Ah ha!!

Its a key for a door on the top level of the 5th tomb in the shadow vale. If you are onto the 'temple of the forgotten god' then you should no longer require it.

Thanks for the info.I allready finished the game,but I am re-playing it with my high level characters to get ready for the sequal "HEART OF WINTER" I really think that ones gonna be a blast!! thanks again that symbol really had me baffled.