The Spectral event was setup by Zorg on Friday October 23rd 2009, it lasts from midnight on Friday to Sunday midnight server time.
There are 3 Spectral Items but they are picked randomly. There are two ways to gain an item when the event is going on:
1) Randomly picked to get it from the abyss, or
2) Kill the current carrier and earn a banner when doing so.

Item: Forgotten Amulet Level: 80 Type: Misc. Banner: Screenshot of the Amulet's stats

Item: Shard of Destruction Level: 80 Type: Melee Weapon. Banner: Screenshot of the Shard's stats

Item: Phantom Armour Level: 80 Type: Armour Banner: Screenshot of the Armours stats