Need help fighting kraken

Our crew is tasked with killing a kraken. Our party was chased into an undersea, air-filled cave system--the kraken awaits outside. It's a big, nasty beast with 10 tentacles and hundreds of HPs.

Any ideas on how to fight it?

Our crew:
My character, Dwarf Fighter 1 / Abjurer 8 (bar = illusion); HP 85; Init +7; Spd 15; AC 27; Atk: +2 Flaming Dwarven Waraxe +10/+5 (1d10+5 +1d6 fire) or +2 Longspear of Shock +10/+5 (1d8+5 +1d6 elec) or spell; notable spells = dimension door, haste, combat buffs, poly self, lightning bolt, water breathing, abjurations. Notable items include pearl of the sirine, boots of spider climb, 2 gloves of storing, heward's haversack, +2 buckler of cold resistance, wands of dimension door, lightning bolt, haste, dispel magic, magic missile; notable feats include Craft Armas & Armor, Craft Wand, Craft Wondrous, Quickdraw, Improved Init, Still Spell

Elf Sorceress 8 / Dragon Disciple 1; HP 40; Init +3; Spd 30; AC 21; Atk spells; notable spells include magic missile, fireball, poly self, haste, fly, improved invisibility. notable feats include spell penetration and chain spell.

Human ranger 3 / cleric (pelor) 4; HP 45; Init +7; Spd 30; AC 16; Atk +1 scimitar/+1 scimitar of frost or bow; notable items include amulet of healing, wand of cure moderate wounds.

Dwarf Paladin 7; HP 58; Init +0; Spd 15; AC 21; Atk +2 Warhammer (can charge as with divine might feat)

Half orc monk 8; hp 40; Init +7; Spd 50; AC 25; atk unarmed

Half orc rogue 3 / barbarian 5; hp 66; Init +4; spd 40; ac 21; atk +9 bastard sword (orc artifact--increases in power when it slays a high hd foe); or +1 bastard sword; notable item Glove of Storing

(all characters have 1 potion of water breathing left)

The rog/bar and my character are the melee damage dealers, but the sorceress is far and away the deadliest in the group. But her usual tactic (invisible, fly, haste, fireballs from above) isn't that useful underwater. And the kraken is very good at grabbing and crushing multiple attackers.

Any ideas on how to take out a Gargantuan krakan when fighting it on its home turf?

Try summoning something REALLY nasty, like some kind of Demon, balor if you can get it.

Maybe there's a non combat solution, like saying tricking the kraken into sticking its tentacles in the cave and then collapsing the ceiling of the cave, thus trapping tentacles inside the cave.

Basically, unless you roll 20s and the Kraken rolls 1s several times in a row, you cannot win. The best advice I can give is to haste all of your party members and try to get away. The Kraken is too powerful for your party to defeat without a huge amount of luck.

It seems unlikely that this party could summon a demon or a celestial to handle the problem.

I would advise finding ways to stun the kraken and impair its physical attacks. I suppose a little poison might help, but the paladin might object. (It depends on how his deity views poison use and whether the kraken should be treated better than a rat.)

Possibly the abjurer should prepare a few scrolls of lightning bolt and other damage spells for the sorceress to use. (Fireball is pretty useless under water.)

try cleaning out the underwater complex till you get an 11th level cleric and use harm on it.

problem solved.

If that isn't an option, try waiting it out. cause you aren't going to beat it. maybe if the sorceress or Abjurer kills the rest of the party they could get enought xps to advance to 10 level and get teleport and escape (and as long as the rest of you bodies wiegh less than 500#).

other option might be poly everyone into something that kraken cannot hit or might ignore (although it does have a 21 int).

Go with the Medusa Head ploy. Works every time!

Wait for it to get bored and go away.

While you're waiting for that do what you DM obviously wants you to do an explore the complex.

At first glance, I thought that this encounter was far too strong for your group, but upon checking the SRD, I discovered that our friend the Kraken is only a CR12. Granted, it has 290hp average, but you do have a fighting chance.

To begin: buff everyone with everything you've got. Everyone should be hasted and the fighters should have Improved Invisibility cast on them as well.

When the battle starts, keep your melee-types away. The Kraken has a tentacle rake that does a massive amount of damage, plus 6 tentacle attacks. As the fight begins do not let your fighters (or anyone) get within melee range of the Kraken.

You're going to want to go with your spellcasters as your first assault. Have the Abjurer memorize a slew of lightning bolts, and give the wand of lightning bolt to the sorceress.

Open up your attack with four lightning bolts in the first round, 2 from the abjurer and 2 from the sorceress. Then continue pounding the kraken with lightning bolts for as long as you can. The kraken's smart, and will probably cast Resist Elements: Electricity on its next turn, but -12 points of damage isn't going to do much if it's getting hit with 4 lightning bolts per round.

Once you've softened the thing up with the lightning bolts send in your fighters. The Improved Invisibility should help you to avoid some of the kraken's attacks. It has blind-fight, so you're look at a 25% chance to avoid its attacks. If you have line-of-sight, have the spellcasters keep pounding it with lightning bolts, if not, switch to magic missiles. If it's been hit hard enough by the lightning bolts, you should be able to finish it off before it finishes off the fighters.

Melee fighters will never get a chance to fight. It has 100' reach with it's tentacles and can move 280' a round.