With no walkthrough guides up on the internet yet I think we should do the first one. I've done most you can do on the island but it's hard to know where everything is so to help new players because there are no Quest markers on map yet, only fast travel and waypoints. Please add new tips and walkthroughs in the comments bellow.
(Edit)
As the game has been released the guides increase with a x amount and I should update this guide. which I will try to do.
Have a good game!

Walkthrough.
When you start on the boat it already has a difference in which race you picked. as a undead you can talk to the deadhead right at the start. If you are to remove your helmet as a undead you will scare everyone(mostly) and if you are to talk to anyone while they are scared you start a fight. Play dead ends fights if you are the only target. And so the game starts.

First steps.....
When you wake up, you can start with reading the book, right klick and read, if you want to read everything and such. if you just left klick you will steal it and make her angry with you. as you walk up to her she will start talking to you, here she tells you about the "Source" and that the collar is "for your own safety". Next thing most notice is the murder to the right, the guards will also say that. it's up to you if you want to help them or not but these things doesn't matter really. The only thing that matters are the characters that I will mention later.
There's a sheep you can talk to if you have the talk with animal attribute, animals are in my eyes always funny to talk to and it's super neat to have such a attribute. some even give you quests, pretty neat.
A bedroll is always good to have so take one and keep it for the rest of the game. Then we have The characters, 'Sebille' to the right 'Ifban Mezd' to the far right, these are two of the secondary characters who deppending on what you want, can stay with you for the entire game.


A good start is to walk along the water to the east and talk to The Red Prince(Lizard). ( A quick back story on him. He is called Traitor by his kind for leaving them)
Next step would be to check out the cave north and a tiny bit the the east of him. where you'll find a camp with one human and one Elf. if you keep going there you'll find enemies that are all from challenging to easy deppending on how you set up your group (Use the environment and what ever you find to your advantage, Choke points are very good, and don't forget to combine All the different effects. One example is Oil + Curse = Cursed oil, might explode when someone walks on it + curse + slow.)

After that there is nothing more you can do here but digg on three spots.
Next is in Forth Joy. Where there is many things to do, many escape paths. but the most imporant is the remove your collar. And for that you need to be chosen as a candidate for "The one". go to the kitchen where Griff lives. from the entrance of Fort Joy, keep going straight past the god statue(That is a quick travel) and you are there. Go down the left stair and you should find a Hatch in the ground. go down there and you find a duel arena, win in the arena (if you play co-op and need it to work correctly, one of you need to die if you are 2 players, I have only tested on 2 players with followers) and go back up and back up the stairs and down towards the entrance. before the entrance you turn right and she who lives there will free you from your collar. (Don't know if you can remove your followers collar, if you know please write it in the comments, thanks!)

A difficult spot to find is the cave on the beach, it's a safe spot. From Griffs kitchen, just walk down onto the beach and move your cursor over the rocks beside the ship.


Elements.

Stage 1.
Fire - Burn you every step, 2 turns. Magic armour.
Water - wet 1 turn?
Air - Cloud. Denies fire where it is.
Ice - Slippery, Woppsie. Hammerfall.
Electricity - Chance to stun you. Magic armour.
Oil - Slows you 1 turn.
Blood - Heals with leach.
Poison - takes damage just like Fire. 2 Turns.
Curse - Cursed for 2 turns, lowers all types of resistance.
Blessed - heals you when combined with other elements.(Give you 150% elemental resist of that type, which heals 50%

Stage 2. Combinations.
Fire.
Fire + Water = Cloud(Ground) - Cloud deny Fire to burn on the ground where the Cloud is. can be electrified.
Burning + water = Warm (Character) - A simple way to put out fire is by walking into a puddle or deeper water. Also by water/Ice spells and 1 time use items.
Fire + Blood = Blood Cloud(Ground) - Same as normal cloud.
Fire + curse = Cursed Fire(ground) - Extremely strong fire. -30% Fire resistance, + 30 water resistance. Can't be put out with water or ice, only by earth spell. Burn anyone who stands in it or walks in it and put them on fire. 2 turns. (Necrofire)
Fire + Bless = Blessed Fire - (if you are blessed)First step into fire will burn you as well as turn all fire into Blessed fire. 150% Fire resistance. In other words, All resistance over 100% will heal you for that %. 150% = 50% healing in fire.(Only you with bless get healed)
Fire + Ice = Ice(ground)
Fire + Poison = Explosion + fire(Ground) - Explode when ignited and keeps burning for a few turns. 3 or 4 turns as most effects.
Fire + Oil = Explosion + fire(Ground) - just like Poison.
Cursed Fire + Poison = Cursed Poison Cloud - Applies Acid and poisoned.
Water.
Water + electricity = Electric water(Ground) - Good for stunning enemies without Magic Armour.
Water + Curse = Cursed water(Ground) - Cursed water do something I don't remember. (comment if you know)
Water + Blessed = Blessed water - Heals you. (I belive it heals everyone who is not undead or zombie)
Water + Poison = Poison - Good way to spread poison. (Unsure if it works with Blood)
Steam/cloud
Cloud/steam + electricity = electric Cloud - high chance of stunning anyone without Magic Armour.
Cloud/steam + curse = Cursed Cloud - Applies Deseased, Reducing Characters' constitution
(I haven't explored cloud very much, please comment if you know more effects that work with Cloud)
Ice
Ice + fire = water - A way to put out fire.
Ice + Curse = cursed Ice - gives disease and I think it drops your elemental resistance but I don't remember for sure.
(Ice has few effects. but I have not explored if very much, comment if you know more)
Oil
Oil + Curse = Cursed Oil(Ground) - Slows and has a chance to explode when someone is walking on it. When it explodes all oil will catch on fire and turn into Necrofire.
Poison.
Poison + curse = Cursed Poison - Effects unknown. (comment if you know)


Extra.
Fog - Don't know much about fog more than it's more blinding than blind. You must stand inside the fog to hit another inside it. If you don't use an area spell. but good for Rogues to hide inside, an annoying if you play Knight or the like and have to go in to kill the enemy(You should mostly just bait the enemy out). Can be removed with ground slam or the like.
(Ground Slam removes all effects on the ground. Ice, fire curse and more.)

And if you know how to make Curse, please tell me in the comments.

More to come...