What exactly does the shrine of Mu'rakar do?

"Throw" any item that has magical qualities (can be rare, or angelic, or whatever, just as long as it has a prefix) and the shrine will destroy the item and regenerate your health and mana. i think the minimum regen for any item is a regeneration of 20% now, (i could be wrong), which is quite helpful. Most players pick up all magical+ items on their climb, and if they arent any good they just shrine them for the life. It really helps cut down on regen times. Makes for a much faster climb

9. Shrine of Mu'rakar

This shrine is a possibility to gain life and mana outside combats, it is a kind of life and mana potion.
Click the symbol and drag and drop a magical+ item inside. You will now gain a number of life and mana added to your pool.
If the item quality is higher, you gain more, but before you throw something inside, you should think about if it may be worthy
and better used for muting or for putting it on the market place.

Throughout the latest patches, the rates were increased quite nice, so you can climb very fast with shrining tier 1-3 gear.

When you guys say "climb", do you mean climb the ladder of players..?

Lol thanks for the help so far

Climb is the term used to describe the journey from level 1 to 71.

I believe most of the LS players use this term.

Is level 71 the max level? or does something cool happen then

You can attempt your Master Level Quest at level 71, although it is not the maximum level attainable, going higher than 71 does not provide the opportunity to attempt any other kind of quest. Mainly people level higher for wells, high level catacombs, or muting items.

I see.

Thanks very much for the info. ^^