WoWDB

Faded Wizard Hat was originally a quest reward that had to be equipped in the head slot in order to use its transformation.  With Patch 6.0.2, it was converted into a Toy and added to the Toy Box.

The hat will apply  Identity Crisis upon use.  Your character will be transformed to appear as one of Xylem's apprentices.

This toy may only be acquired on Horde characters and may only be used by Horde characters.  Don't rage too much, Alliance players - Azshara is a low level zone.  The fastest way to level a Horde character to meet the quest level requirements is by creating a goblin character.  Goblins are sent to Azshara after leaving Kezan (the starting zone for their race).

Here is the quest progression chain taken from Wowpedia:

1. Azshara Blues
2. Friends Come In All Colors
3. Complete all of the following:
• That's Just Rude!
• A Little Pick-me-up
• Absorbent
• Full of Hot Water
4. Wash Out
5. Dressed to Impress
6. Renewable Resource / Shear Will / Waste of Thyme
7. Trouble Under Foot / Manual Labor
8. The Pinnacle of Learning
9. Watch Your Step
10. The Trial of Fire / The Trial of Frost / The Trial of Shadow
11. Xylem's Asylum
12. Wasn't It Obvious?
13. Easy is Boring
14. Turning the Tables
15. Fade to Black / Ice Cold / Pro-liberation
16. Farewell, Minnow *

*For anyone who did Azuregos' part of the quest chain for the Scepter of the Shifting Sands... you'll understand why I never, ever want to hear 'minnow' from that dragon's mouth. /shudder