This is not an exploit, it is a strategy that has resulted in my clan aqcuiring about 12 million adena worth of equipment.
First, set up an organized PvP against arrogant kids that like to flout their PvP skills outside the arena (Only once has someone declined).
Have the spellhowler go second. Use the spellhowler’s body to mind skill to keep your HP between 15 and 215, but closer to 0, the better. Since oyu are not getting hit, and since the animation is the same as Might, they think you have full HP.
When it is the spellhowler’s turn, make sure the other guy get the first hit. The first hit is usually fatal, bow users do about 400 damage without critialling, so they make great victims.
Since they killed you without hitting them, they turn red. Have your buds, sleep/stun them and finish them off and spam the pickup key.