It can be enchanted to get an Enchanted Werewolf Helmet. To create an Enchanted Werewolf Helmet you have to talk to NPC Maeryn (hi - werewolf helmet - yes - choose vocation and weapon type). From now on, every time you use Moonlight Crystals on ANY Werewolf Helmet, it will be enchanted with new attributes depending on vocation and weapon type you have chosen. To create different enchantments, return to NPC Maeryn and repeat the process. Every enchanting lasts for 60 minutes, after that you need to use Moonlight Crystals on the helmet again.
Keep in mind that enchanting a Werewolf Helmet causes it to lose its +15 speed bonus until enchanting wears off. Some people don't enchant it because of the speed bonus, but it's not always worth to spent so much money to earn extra +15 speed, for more information check Speed Breakpoints.
See also: Enchanted Werewolf Helmet