A new patch for Torchlight II was released a few days ago and fixes many things in the game and changes how some of the things work in Torchlight II. If you are on Steam the patch will automatically download straightaway.
Patch 1.17.5.14 was released on 16th November 2012.
Patch 1.17.5.14:
Pets
- Owl pet added.
- Badger pet added.
Languages
- Russian language now available.
- Polish language now available.
General
- Several spelling errors fixed.
- Dimensions fixed on one texture.
- A lot of internal fixes to support translations better, and copy-pasting of cyrillic characters and use of IME.
- Characters with certain special characters in their names won’t fail to save.
- Attacks that deal weapon% no longer give bonus crit for values over 100%.
- Missiles with an AoE were not properly taking into account some untargetable states.
- Run speed bonuses were sometimes added twice.
- Fixed Trillbot achievement quest.
Skills
Engineer
- Rank 8 and 9 or Seismic Slam scale soak values properly on direct damage.
- Flame Hammer, Ember Hammer and Emberquake correctly list staves in requirements.
Berserker
- Storm hatchet now targets better on slopes.
- Storm hatchet should be less likely to collide with walls and more likely to collide with units.
- Ravage knockback/slow resistance fixed.
- Ravage falls back to autoattack when mana is low.
- Battle rage properly refreshes now.
- Shadowbind procs now level properly.
Embermage
- Rank 4 of Firestorm now has correct max damage.
- Issues w/ Prismatic Bolt duration effects resolved.
- Fixed mana cost for rank 10 of Infernal Collapse.
Spells
- Made requirement reduction spells work properly.
Items
- Rifle and Cannons now use weapon damage instead of DPS – fast weapons were stronger than intended, slow weapons were weaker than intended.
- A non functioning proc on the Tundra set was converted to a functioning Lifesteal.
- Tomes of Weapon Expertise (spells) now correctly state that they improve Claw use, amongst the other weapons.
- New ring for Emberweave set.
- New pants for Embercraft set.
- Legendary wand Earth Dies Screaming can no longer crash the game.
- Fixed some issues with item-based proximity effects getting doubled.
Maps
- Various pathing and collision fixes.
- Various new boss rooms added for maproom maps.
- Several new Phase Beast rooms added.
- Can’t be knocked behind fence in Arena of Slaughter.
Monsters
- Exploding zombies now strike only once per explosion.
- King gels have champion resistances and minion gels cannot be charmed.
Recipes
- Transmutation recipe for sockets can’t eat gems with no return.
Random Maps
- Some random map affixes better tuned.
Quest Related
- You must talk to the guardian of mana before you can enter the dungeon from Act 4 hub.
- Some players stuck in a state where their quests will not advance, or the final quest will not complete, allowing access to the mapworks, should be resolved.
System
- Fix for crash in certain circumstances when wearing gear that requires a requirement reduction spell.
- Fixed crash when quitting the game from the options menu while the shared stash is open.
My other Torchlight II related posts:
- Torchlight II 1.14.5.5 Patch Notes.
- Torchlight II 1.13.5.12 Patch Notes.
- Torchlight II 1.12.5.7 Patch Notes.
- Torchlight II 1.11.5.3 Patch Notes.
- Torchlight II is Now Available.
- Torchlight II Original Soundtrack is Available Now for Free.
- Torchlight II Release Date.
- Video Games to Watch Out For in 2012 Part #5.
King Toko 
where can we download this?
Depends where you bought the game but if you got it on Steam then it will automatically update the game.