TLDR: You can build yourself a permanent portable Mystic Forge!
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To flush out most of the crap thats clogging up the Trading Post in Guild Wars 2, ArenaNet came up with some recipes to use exactly those items and turn them into something useful.
First the basic transformations that are available now:
250 XX + 250 XX + 1 Glob of Ectoplasm + 1 Mystic Coin ==> Mystic Chest
where XX is one out of the following:
Sticks of Butter
Green Wood Dowels
Green Wood Logs
Soft Wood Logs
Hard Wood Logs
Iron Ore
All of these items are available en mass and cost under 10c. That's going to change fast though.
The Mystic Chest contains one Trophie and an item which you can use further in the Mystic Forge. It also has a chance to containn a permanent transformation potion!
The Trophies are supposed to be sold to Merchants. They are worth between 10s and 4g! Maybe more. They have no other uses, they're just very expensive vendor trash.
The Item for the Mystic Forge is one out of 4 Blue Ones or a yellow(rare) Mystic Frame. You have to combine one of each into a Mystic Node if you want the portable Mystic Forge, else just sell it on the Trading Post.
To get the permanent portable Mystic Forge do this combination:
1 Mystic Node + 1 Mystic Frame + 50 Mystic Coins + Mystic Nexus
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Update: These temporary recipes have been removed somewhere at the beginning of October 2012.