This quest is so old I've forgotten if there was any lore originally attached to it or not.  Anyways during the Gathering of Colors event, Apr 03, folks using Ulgrim's recall spell noticed they were appearing on a new island, specifically Ulgrim's Island.

Eventually it was determined that if the Drunken Madman was given Winter Lager (puchaseable in Nanto),

he would open a second portal for you.  One that deposited you on Ulgrim's Island.

You give Drunken Madman Wah Chon's Winter Lager. Drunken Madman tells you, "What's this? It doesn't look like sake." "Not Sake!? NOT Sake! YOU!!! I'll g..." "Oh right, you must want to see Ulgrim.  He said people might be looking for him.  Ok, I'll portal you there this time, but next time you better bring me sake!"

Ulgrim the Unappreciated tells you, "Hey, since you're already bothering me you could at least make yourself useful and fetch me some of my home brewed stout from the basement." "Just take the portal to the lower basement and look for the glowing stout, you can't miss it.  And don't go messing around with any of my things or I'll kick you in the shins!"

Ulgrim does have a huge collection of wall trophies and visiting his house just to gaze upon the selection would be truely worth the effort if they were hookable and examainable!

Not much down here but level 1 mice.  If you bother to exterminate the mice occassionally one will drop a key (no timer) or a wheel of cheese.  If a mouse that small carries a piece of cheese that large, I want back packs like the mice! Those chests in the background are openable by the golden key or lockpick skill of 100-200.

One chest typically contains: stout, a stein and winter lauger, while the other contains peppermint sticks, Nanto Portal gem and a Ust.

Eventually you finish looking at all the wall hanging stuff and see at the end of the cellar the Home Brew.

However, getting it is just a bit trickier then picking it up.  Usually it will involve jumping onto one of the boxes before you can reach the mug (14 day pick up timer).  Must be why Ulgrim asked you to fetch it, he's usually too inebriated to jump.

So we could take the mug back to Ulgrim and see if he'll reward us.

Or, we could do a bit more investigating he did warn us not to mess with his stuff.  But so far nothing really has been touchable.

Those barrels seem to create a path, and I wonder what is hiding behind the wall covering rug?

A locked door, which is pickable (100 skill) or openable by the one use Golden Key.

Thru the door and down the ramp and we find ourselves in Ulgrim's Treasure room.

One pile of gold is retrieveable (28 day pick up timer). The chest on the pedestal is useable and contains a ring.  However, getting the ring out does take effort.  First I tried removing various piles of gold to move closer to the chest/ring, no good. 

Finally I did the old school jump on the pedastal and then open the chest routine.  Works

and a the ring is on a 28 day pick up timer.

Historically the golden gromnies were pickable, but it really chapped Ulgrim's netherloins.  Uncharacteristically, the loot gods listened to Ulgrim and the gromnie was eventually change to non-lootable.  A few still survive but they were given the inscriptions stolen from Ulgrim.

Returning to the house I delivered the Home Brew.

You give Ulgrim the Unappreciated Ulgrim's Home Brew.
Ulgrim the Unappreciated tells you,

"Great! You found my Home Brew!"

"Ahh!!! If that ain't the mothers milk to me!  I've been saving that stout for a special occasion like this one."

"What special occasion?  Why my coming home party of course!"

"Let's see, I think I have a reward for you here."

Ulgrim the Unappreciated gives you Casting Stein.

"Don't say I never gave you anything!"

 "You know, this isn't some vacation hotspot. This is my home!"

NOTE: the casting stein is very useful to self-buffing melee toons that don't as yet have Life magic.  The stam to mana built in spell lets you push stam, consume a ration or food to replenish and keep buffing.

You can now give the ring to Ulgrim to see his reaction, as it does't have much value for anything else.

You give Ulgrim the Unappreciated Ring.
Ulgrim the Unappreciated tells you,

"Aha! Another ring for my collection."

"Wait, This ring looks familiar."

"This is MY RING!!!"

"You stoles it!!!"

"Get out of my house you nasty thief!!!"

Ulgrim the Unappreciated doesn't know what to do with that.

Ag Nar