Actually, my main way to fight dragons is distracting him with my fighters while my mages cast lightning at him. If the dragon is particularly pissed I might soften him up by getting all of his killer spells out on some summoned monsters. I might even use Otiluke's Resilience Sphere on one of my guys to ensure he doesn't get iced but is the dragon's main target. Spells can make a difference in any fight...
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Can an elf get a break anywhere these days?
http://angelfire.com/rpg/aurican