FraterPerdurabo: Right TCMU2009, thanks for asking.
Basically, there's only one answer - Diablo II.
Diablo II is easily the best hack and slash ever made. The key about Diablo II is depth and replayability, this game literally will not stop. You can spend a decade fine-tuning your character (unless you're ridiculously rich). It is a game that doesn't make you feel bad about pouring hours upon hours into it. The underlying mechanics under D2 are beautiful, the game is extremely well balanced. You will start off as a scrub, struggling in the mid and late game. Once you do the mechanics, study your character, allocate your stats and skills correctly, get the correct gear, you will blaze through Hell difficulty in a full game cutting through minions like a hot knife through butter.
I've been playing this game since release and I believe the last character that I made was in summer 2008. Would probably make another one if I had more time. Also, no matter what people say - Blizzard is awesome. They released a new patch for the game a couple of years ago. Which developers still look after a 12y old game? Oh and the community is still very strong in terms of forums, fan content and active players.
One word of warning - American players are giant douchebags, though I suppose this applies to Americans in every online MP game so you might be used to it. If latency weren't an issue, I'd recommend you to play on European servers. I don't recommend playing on Asian servers, but that's for a different reason.
I played Titan's Quest for about 5-6h and while it's not a bad game, I'd still easily recommend D2 over it. Titan's Quest simply didn't feel very atmospheric to me and the skill system felt a little boring. Meh, whatever floats your boat I suppose.
Torchlight is a great game. I played through it once and had a thoroughly good time. As I started a second character, I decided it wasn't worth it. It simply doesn't have much replayability in my opinion.
Also, the issue is the endgame. Monsters respawn every time you create a new "game room" in Diablo II (your progress and character is saved, but the world is "repopulated"), which makes grinding a very easy task. On the other hand, Torchlight generates an endless dungeon with more and more levels. This means that the difficulty is more balanced since it increases at a steady rate, but boss grinding is impossible. Also, your gear will go out of date sooner. Oh and D2's difficulty isn't stagnant, you can increased / decrease it.
Diablo I suffers from the aforementioned issue. Whenever you want the world to be repopulated you effectively have to start a new game (your character is saved but progress isn't).
Honourable mention to Darkstone. That game was great back in the day, but had not aged well at all when I tried it last.
Oh and Sacred is overrated, no matter what people say. If D2's graphic style and atmosphere are not your cup of tea, maybe give it a go. But mechanically, the game feels very clumsy.
Ugh, I was convinced on Titan Quest, but now I don't know. To get either Diablo 2 or TQ with the expansions would be $20 each I think, so I'll have to decide between one or the other. When you say the skills in TQ aren't as good as Diablo, do you mean the various special attacks/moves/spells you use with a cooldown timer?