Can anyone please tell me where to find the following items?
1.Silver Hilt
2.Wave Shaft
3.Also, is there any use for the troll head? I don't want to miss any important items.

Spoilers:
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1) Either in the beholder or mind flayer section of the Underdark.

2) Planar prison, part of "save the actors quest" I think.

3) Troll head? I assume it is in the "alien" room in the asylum, you are suppose to put that on the statue at the end of the room and you get an anti-undead club. When the "judge" ask you if you want to leave the room, just tell him you want to explore around a bit more and do the above.

Oops!!!! My apologies......regarding the first question, the silver hilt is only obtainable when confronted by a group of Giths when you reach back to the city on main land.

And yes....you have to kill them to obtain the hilt.

Accord, Sorry to correct you, but the siver hilt is for the Vorpal sword. and it is on some Stupid Gith that tries to attack you when you come out of the Underdark

No problem at all Turbovee.
I got mixed up with the Equalizer.