So at the point where the trolls block passage to their area I managed to get past them by repeatedly jumping (yes, silly me, I do love to break something). I've continued playing and have gotten my character to level 4 and now I want back to the castle, unfortunately the only way back is through a large troll whom I spawn inside of when entering the area; he then bludgeons me to death with his fists as I lamely try to kill him with scrolls, magic, and basically everything else. I've even tried cheats, unfortunately those are entered too slowly and can't be stored.
So anyone have any ideas to get me out of this situation aside starting a new game or reverting an old save?

So your last save is actually changing area and spawning inside the troll? I guess you could look around the internet for 3rd party trainer programs for the game, these may or may not have viruses and other nasty things so be careful and scan any you find if you do try this. You should beable to run any cheats before you load with one of these.

I knew it would happen eventually to someone. It can be very tough to escape their gravity.
Where is your save? Is it the auto-save on entering the area?
If not, you can save 3 Harm spells in advance before entering the area. Then, as soon as you enter, insta-cast them and cast as many Harm spells as you can by drawing the runes. Those things hit for cumulative damage. You don't need to be able to target him to do this. Or keep casting Heal as he dies to the Harm.
Life Steal would be better if you have it.
Try fireballs as well. Even if you can't target the fat bastard because he' swallowed you you can kill him with the area of effect.
Another option if you have the spells and casting ability is Invisibility + Incinerate. He won't touch you before he gets blown up. I'm not sure if you're able to target him, since you're inside the belly of the whale.
If your save is the autosave upon entering the area... I can't remember if you can crouch in the game, but if you can, try it.