Thanks again for the advice. By now I have reached
SPOILERthe Depths, in which I got PK'ed for the first time. He killed both me and my co-op partner. Went back to get my stuff on my own and all was well. Actually quite surprised I made it without too much of a struggle. That's what I like about this game, you learn so much in every area you actually feel proud. Back to the adventure:
I reached the bonfire right outside the giant rat cage, where I hooked up a new co-op party. I think they led me somewhere I wasn't supposed to go yet; the Gaping Dragon. I'm not too sure whether it was the chaos or my clumsiness, but despite having a hard time I miraculously survived the fight. Had to use 4 estoc flasks. Even my high-level party members seemed to be struggling. One of them gave me some equipment before the fight, including an evil eyes ring, armor of thorns and a wicked katana with a high magic stat. Thank you sir!
After the boss battle I used a homeward bone to go back to the bonfire so I can re-explore the whole thing. i remember seeing a big fence with a hole in it, and behind it was a big white-light-wall. I think that's where I should have gone. Either way, the 25000 souls rewarded by surviving the Gaping Dragon gave me a nice level boost. 