For items that you can gather directly, you have the choice of either going out to gather them yourself or to buy them from the AH. The former adds no cost to your item but requires time and effort, while the latter can be quick and hassle-free. Even should you choose to get the materials yourself, don't forget to add them to your cost — your labor and time should be compensated for, even if just a little.
This new farm takes advantage of the level scaling changes implemented by blizzard.  Event NPC's like the NPC's found in the twilight outpost, scale up or down depending on your level. HOWEVER, your level also determines which loot tables each mob will have.  By using a level 58 character, you can successfully loot items in the 57 – 59 item range, a range which has some of the most expensive and well sought after transmog items in the game.  In less than 30 minutes farming this spot I was able to snatch up some glorious legplates[/URL] (on video) – worth a stunning 150,000g.  Watch the video for absolute details I suppose, but the gist of it is you need to create a level 58 DK, go to the twilight camps, and start the killin'.  Unlike before, an implementation of a daily event has changed the loot tables!   This spot is the new hot thing on the block.
I just decided that I would simply finish leveling my hunter the hard way, but when i can get heirlooms ill make a warrior and follow your guide to 80. I definitly want an 80 warrior for cataclysm... seeing as worgen warrior is going to be a crazy tank! By the way, is using heirlooms with your guides ok? And what class should I be for a tank? I will obviously be switching to worgen anyway but i would prefer best tanking until then. Thanks Jame!
The Auction House (AH) is a brilliant way of making money if you know the tricks on how to do it. The basic strategy with the AH is to buy things cheap, re-list them on the AH, and then sell them for a profit. Even better, of course, is to get good items from drops and then sell them on the Auction House for pure profit. Many players generate most or all of their cashflow simply by speculating on the AH. So a good understanding of the it, as well as some time to invest, is essential to turning it into a money-making proposition for you. It is also highly recommended that you get the Auctioneer addon for quick listing auctions, and knowing the average price of items. Another great addon that can assist you in flipping items for profit on the Auction House is Tycoon. This addon analyzes items on the Auction House such as cloth, ore, and even TCG mounts. Once the information is recorded, Tycoon will inform you of the most profitable items possible, and exactly how much you can make by either farming them, or buying them at their current price and then relisting them.
Using the Looking for Group interface, or joining a good guild, and doing instances that are around your level. You'll learn valuable grouping skills, and the level of loot in an instance is typically much better than what you could find on your own. If possible, concentrate on instances with humanoid mobs, since selling the cloth that they drop is a good way to make money.
When assigning a selling price, do not aim for too low a price that would give you too little profit, but certainly do not assign too high a price. Too much greed is never a good thing, and the AH is filled with items that do not sell due to excessive inflation. A very common tactic in the AH is to sell for lower than what another player is offering, and many players make a lot of money that way. Similarly, losing sales thanks to being undercut is never fun. Aim for as low a price you can that will still make you a good profit. If you can keep producing the same item over and over, sell cheaply yet make a good amount of the item, you will reliably make a lot of money by volume. Moving inventory is the best kind of inventory.