You have 3 minutes to lead Osh back to Nipik at Fina's Shrine ( -1572, -537, -2380 ) Copy/waypoint -1572, -537, -2380. If you get too far from Osh you may leave him behind. If you don't get Osh back to Nipik in 3 minutes, you must go back to the sunken boat and speak with him again. (Flying him there didn't work).
Speak with Nipik
Watch the ceremony.
Speak with Osh.
Find Nipik at ( -1632, -502, -2275 ) Copy/waypoint -1632, -502, -2275 and speak with him again.
As of March 2011, Nipik's Cane is the only weapon reward for this quest, and it is only usable by Priests. For the quest with a weapon reward for any class, see Preparing Oneself.
As of June 2012, Nipik's Cane is usable by fighters, mages, priests, and beastlords.
Nipik's Cane can now be mounted, and turned into the house item Nipik's Staff