Ive picked up a magic bracelet and ring, but Im getting a 'power unknown' message, how do I know the item?
The mages guild has someone who can 'identify' magic items for a small fee, or if you're a mage yourself you can learn the identify spell.
When given the option to offload gear onto the wagon, do I just remove items from my inventory?
When you're in your inventory and the wagon is open, simply clicking items while on remove will put them in your wagon.
Ive been out exploring tombs.. Im seeing a lot of graveyards.. are the bigger tombs only quest related?
You only have graveyards on your map initially, but there are many maaannnyy more dungeons than that. You either have to take quests which will reveal dungeon locations, find maps in loot, or just wander aimlessly (I don't suggest the latter).
Who will buy ingredients? what is there purpose?
General stores and ingredient stores will. They're only used for making potions, an interesting feature, but time consuming and rarely used.
I bought a torch, found a candle.. any point to these.. can I use them?
They were initially supposed to be usable, but I don't believe they have any function in game. You can get a light spell though, which suspends a candle some distance ahead of you.
Can I lessen the 'you collapse to the ground for an hour' message by raising a skill?
Depends what you were doing. That happened due to your fatigue running out, so training whatever you were doing at the time would lessen its drain on your fatigue.