GHOSTEFF.ITM

GHOSTEFF.ITM is an undroppable item equipped by various creatures that are to render a "blurry" or "ghostly" semi-transparent cosmetic appearance. 
Although the item is a ring, it can be placed in other slots by the game engine (such as a helmet or amulet). It does not affect the item's applied effects.
The item actually applies IESDP effect codes number 65 "Transparency Fade", and several iterations of number 9 "Color Glow Pulse".