I don't know that there is necessarily any use for this item, but it is worth mentioning that Zraxth is a major (albeit background) storyline character in the Legacy of Ykesha: Zraxth was the first Troll to worship Innoruuk instead of Cazic Thule when Innoruuk sought to break the unity of the Trolls. Long story short, Zraxth began a splinter faction of Innoruuk-worshipping Trolls who performed an 8-day-long ritual in which Zraxth neither ate nor slept. This culminated in his writing into a stone tablet using the blood and bones of high priests of Cazic a prophecy of the coming of The Grozmok. The Grozmok was to be the greatest of all Trolls, uniting them through both fear and hate and conquering all the empires of Tunaria (later known as Antonica).
Unsurprisingly, Zraxth died after this ordeal. That stone would come to be known as The Grozmok Stone, which according to in-game lore from 2003 resides "hidden and well protected deep within Grobb," despite there being a player-obtainable item by the same name. There are other lore entries which refer to a magical ore discovered on Broken Skull Rock which Nadox, Dulak and Jrank used to empower their followers, and it seems like a safe assumption that this ore was named after Zraxth; consider all the items from LoY named "Zraxthil Forged something-or-other".