Here's to you my best-of this thread!
Kraken
Credits for the introduction and skill description go to Fuzzjonesy.
Credits for the skill and item order / description go to Sindaga.
Credits for some formatting issues got to Lappi 
A scourge upon the seas of Newerth, the Kraken consumed countless victims who were unfortunate enough to travel his waters. Though he be ashore, the Kraken brings the wrath of the ocean to the battlefield, dragging his enemies to depths unknown, unseen, and unwanted.
The Kraken may be a strength hero but he is not a true tank; instead, he excels at starting battles on his own terms and chasing down survivors afterwards.
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Abilities:
Drench
Kraken Drenches a target in water, damaging them and reducing their armor and movement speed for a short duration.
Target: Enemies
Damage type: Magic
Range: 700
Mana cost: 120
Cooldown: 12 seconds
Deals 110/160/210/260 Magic Damage and applies Drench to target for 4 seconds.
Drench Effects:
40% Movement Slow
-2/-3/-4/-5 Armor
This is your bread and butter spell, so you'll level it up first. Use it on anything you want to kill. However, it is generally best saved for when a victim starts to run as the slow will allow you to get a few hits in while the target is fleeing. That being said, if you have gobs of mana or the target is clearly going to stay, throw a Drench out there; the damage and (especially later on) the armor reduction will be a great aid in a brawl.
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Tsunami Charge
Kraken charges toward a target location with great strength and speed, damaging and knocking aside enemies in his path.
Target: Ground
Damage type: Magic
Range: 700/900/1100/1300
Mana cost: 105/120/135/150
Cooldown: 14/13/12/11 seconds
Charges to target location, pushing aside and dealing 75/125/175/225 Magic damage to enemies in radius of self.
What that all breaks down to is that the Kraken moves in a straight line (or as straight as possible, depending on obstacles) and anything he runs into gets damage and pushed a bit to the side.
The application is simple: use this to get close to your targets (and add some damage in besides) or to put some distance between your pursuers. When ganking, if unseen, you should generally start out by Charging right next to the target and then Drenching; this will allow you to get 2-3 hits in before the slow wears off, depending on how fast the target reacts. If they can see you coming, aim it a little bit past the target in the direction that he's going to run (Charge isn't instantaneous). Don't go overboard using this spell, though: Drench costs less mana, does more damage, slows and reduces armor, so it should be your go-to spell.
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Splash
When attacking, Kraken has a chance to unleash a mighty attack that damages nearby enemies.
Passive
On Attack Impact:
20% chance to deal 30/50/70/90 bonus Magic damage to targets in a 325 radius and deal an additional 30/50/70/90 Magic damage to targets in a 200 radius.
This just means that 1 out of every 5 attacks (statistically; luck may or may not be on your side) deals some extra damage to nearby units. To be perfectly clear, the bonus damages stack, so targets in a 200 radius take 60/100/140/180 damage and targets in a 325 radius take 30/50/70/90 damage.
This skill makes you a noticeable damage dealer later on but isn't as important as your other spells for midgame ganking. It sounds like a lot of damage, but on average you'll have to get 5 attacks off to inflict a Splash which deals less damage than a Drench or Charge, so invest in this skill last.
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Whirlpool
Kraken forms two connected whirlpools, one at a target location and one around himself. After a short time, the whirlpool near Kraken sucks everyone in and spits them out at the targeted location. Enemies are damaged in the process.
Target: Ground
Range: 750/1000/1250
Radius: 350
Mana cost: 200/250/300
Cooldown: 120 seconds
Creates a whirlpool at target location. Teleports all units around Kraken 6/5/4 seconds after activation to whirlpool's location and deals 150/225/300 Magic damage to enemy units.
How this works: you click somewhere near to you on the ground and a whirlpool appears. 6/5/4 seconds after this, anything around where you happen to be will teleport to the whirlpool and any enemies that get teleported take some damage. The virtue of this skill isn't its damage (half the intelligence heroes have 6-8 second cooldown spells that do this much damage), but its ability to disrupt your enemies; you can use it to drag them into the middle of your allies where a bit of focus fire will quickly dispatch them. The easiest way to accomplish this is to cast whirlpool near your allies (preferably near one of your towers), wait a couple seconds, then charge next to whoever you want to die. This is a great way to start a battle, since your enemies will be separated and likely quickly cut down.
A couple things to be wary of: Kraken's Tsunami Charge isn't instantaneous, so you'll have to be aware of how long it takes to get yourself next to your victim. People who see you activate this skill are going to run, so try not to be seen before it's too late for the targets to escape. Also, this skill has a large mana cost and you're a strength hero, so make sure you have enough mana to Charge after you use it. And don't expect Whirlpool to get you out of a bad spot. Even putting aside how it takes a long time to move you, it'll drag anyone chasing you along with you, so you don't really get any benefit (also, anyone who's actually a threat to you will know to just wait at the exit Whirlpool). Lastly, if there are any allies nearby, let them know you're using Whirlpool (say something, ping, etc.); they'll help you out a lot more if they're prepared.
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Skill Order: 1. Drench
2. Charge (for escaping)
3. Drench
4. Splash (to help with farming)
5. Drench
6. Splash
7. Drench
8. - 11. Splash (laning) or Whirlpool (pushing / defending)
These skills here make or break your Kraken. If your team is pushing/defending I'll take Whirlpool but if players are still sticking to lanes I'll keep taking splash (unless I have the gold to now support the charge).
12. - 16. Finish off Splash and Charge with 1 level of stats and get level 3 Whirlpool*.
17. - 25. Stats.
*Note: Sometimes it may be advantageous to keep level 1 Whirlpool as it gives you a longer time period to get into proper positioning or to travel a further distance. If you have a portal key you may not need 6 seconds, but if you don't the extra time can be nice.
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Items:
Kraken is a strength caster (similar to Behemoth), and Kraken's power is limited by his mana pool. Your sole goal should be making sure you don't have to worry about mana. That being said there are right, and wrong mana items to get for him. Since it is easier to state wrong item's I'll give you a list that you should never think about getting as Kraken and reasoning why:
- Fortified Bracelet/Soulscream Ring - You are a caster/support hero, not a tank or a carry hero. Thus if you are going to get any of the early stat boosters make sure it is the Talisman of the exile.
- Marchers Upgrade - You should always make Enhanced Marchers as they provide the fastest way to get to heroes when using Whirlpool and in general the clicky speed buff and the ability to path through units is far more valuable than the stats/attack speed/extra move speed of the other two boots options. Not to mention they are the cheapest of all the boots.
- Ring of Sorcery - It is a very poor item end game and is quickly out-scaled once you gain enough intellect by a mana tube (which shuold be your goal).
- Astrolabe - You are not a healer, don't get it.
- Hellflower, Stormspirit, Restoration Stone, Totem of Kuldra - All of these items are far too expensive and you can get all the mana you need out of the items I list below. Plus late game you need to be able to take hits while getting into position for your ultimate (something I'll cover later).
- Damage items! - You are not the carry hero, thus you should focus on items that help you get your carry hero kills.
Items - Team focus
Early game:
1x Ring of the Teacher* - 500g (Guardian Ring & Scarab) [Supportive]
1x Runes of Blight - 90g (590g total) [Supplies]
* Note: Complete noobs should notice that you can switch the ring's aura between being activated for heroes (incl. yourself) or allied units.
Mid-game:
1x Abyssal Skull - 2075g [Supportive]
1x Enhanced Marchers - 1550g (3625g total) [Initiation]
Late game:
1x Portal Key - 2150g (5775g total) [Relic]
1x Frostfield Plate - 4700g (10475g total) [Protective]
Items - Solo focus
Early game:
2x Pretenders crown - 370g [Accessories]
1x Mark of the Novice - 150g (520g total - should have before the creeps get to your tower) [Accessories]
1x Runes of Blight - 90g (610g total) [Supplies]
Mid-game goals:
2x Talisman of the Exile - 970g [Initiation]
1x Enhanced Marchers - 1550g (2520g total) [Initiation]
Late game goals:
1x Portal Key - 2150g (4670g total) [Relic]
1x Runed Axe - 4350g - (9020g total) [Combative]
Other thoughts on items:
So now you have some empty slots and you are finding that you die before you can get into position for your ultimate. Here are the items I use and never find I have problems with it:
Helm of the Black Legion [Protective] - Excellent for survival against attacking heroes/creeps.
Shaman's Headdress [Protective] / 
Shrunken Head [Protective] - Magic protection and magic immunity.
Frostfield Plate - Excellent Armor protection and a large manapool to boot.
So my ultimate end-game item set would be as follows:
1. Enhanced Marchers [Initiative]
2. Helm of the Black Legion [Protective]
3. Shaman's Headdress [Protective] /
Shrunken Head [Protective]
4. Frostfield Plate [Protective]
5. Portal Key
6. Optional
Originally Posted by BigRudy
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