Wolfbone arrowheads are used as to create the ogre arrows used in the Big Chompy Bird Hunting quest. You have to complete Big Chompy Bird Hunting before you can fletch the arrowheads, unless you are making Ogre Arrows for the ogre. They require level 5 in fletching to make. Using a chisel with wolf bones will result in 2-6 arrowheads and gives 2.5 fletching experience per arrowhead. Use these on some flighted ogre arrows and you will get completed ogre arrows.