I finished the game with a twice sharpened 2-H Axe. The critical hit with it took huge chunks out of the final Bosses health. As for bows I never found anything better than a plain old Elven bow.

In my 2nd game I found a great 2-H Sword (never found a good one in the first game), but the requirements are very high and I cannot use it for another level or two.

As for Magic my Wizard Attack Focussed Missile attack at level 4 in all 4 elemental damages is a one-shot kill on anything I have come across. Also Wizard Shaman Magic Nature Magic Hammer at level 2 does one-shot damage on groups of enemies.