This ghost's name spelled backwards is a reference to the character Kelsier from Brandon Sanderson's Mistborn trilogy. Additionally, when he is defeated, he does not die but instead "fades into the mist..." The respawn time is around 30 seconds.
He is part of the process to obtain Survivor's Bag of Coins. As a rogue, equip the Glyph of Disguise and pickpocket the ghost. Afterwards head (on foot, since you can't mount) to the Ravenholdt Manor to the north of you. In the basement of the main building, use Glyph of Detection to reveal a hidden ghost, Orsur. Talk to him to receive the item.
Credit to balarak for the find: http://www.reddit.com/r/wow/comments/1c8ko9/who_is_orsur/
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