GHOST2.ITM is an undroppable ring that grants immunities and various visual effects to spirits/ghosts in the game, such as Archivist Giltham found on the Watcher's Keep Altar Level.
This item provides 100% Magical damage resistance.
It also bestows a Slow effect on the wearer, as well as a cosmetic blurry appearance.
For further visual effects for the creature's sprite, the ring implements several IESDP Opcode 9 Color Glow Pulse effects, to make the creature look "ghostly" and intangible.