Let me guess, these spiked walls can't be easily climbed, hence the trap part.
The walls would very be difficult to scale on their own (more difficult for Dorgath or Kelgar than for Carrow), but Dorgath has a rope and there is a rope ladder on the near side of the pit, so those options should make exiting the pit the way you came feasible. That doesn't mean it's not a trap. I'm not going to tell you that any room isn't trapped, of course. That would take all the fun out of it. But there's no obvious trap here, anyway. 
Dorgath squints at the runes to determine if they're dwarven or in a language he recognizes.
The lantern only barely illuminates the symbols because the room is so long, but Dorgath does not think these are any symbols he recognizes, dwarven or otherwise.
Throg will rummage through his stuff looking for something that might be useful.
Items:
*Equipped - Axe of Mighty Striking (Chaos artefact): Once per adventure, this weapon will cause 8D6 damage. Toughness and armour may be deducted as normal. The Chaos Warrior must state he is going to make this special attack before he rolls to hit. If he misses, the attack is wasted. At other times the axe causes normal damage (1D6+3), though it does still count as being magical. Worth 0 gold (Chaos artefact).
*Equipped - Lantern: Light source. Worth 0 gold.
*Equipped - Bladed Boots: Allow for a single kick attack per turn at -1 to hit and +1 Strength. Worth 200 gold.
*Equipped - Light Armour: +2 toughness. Worth 350 gold.
*Equipped - Warhelm: +2 toughness.
*Equipped - Amulet of Charadris: Undead monsters adjacent to the wearer regenerate at half their normal rate (rounded down). Worth 300 gold.
Chalice of Night (Chaos artefact): Roll a D6 at the start of each adventure. This is the number of Attacks that will hit automatically this adventure. The Chaos Warrior may choose which attacks hit automatically. Worth 0 gold (Chaos artefact). *6 uses left for this adventure.
Dawnstone: Can be used to resurrect someone once. Worth 500 gold.
Sword of Defiance: +3 toughness when wielded. Worth 600 gold.
Healing Potion: Restores 1D6+2 Wounds.
Poison: Enough for six uses on weapons. Deals 1D6+2 Wounds.
Potion of Toughness: +1 Toughness for 1 turn (roll a D6, if 6, then the bonus applies for the rest of the adventure).
Berserker Sword: +1 to Berserk ability roll (Barbarian only). Worth 250 gold.
Lyre: Worth more gold in larger settlements.
