donation [dəʊˈneɪʃən]
n
1. the act of giving, esp to a charity
2. a contribution
As in, you give someone money with no expectation of receiving something back in kind. What Miss.Reeves has (apparently) been doing, is trading. It's certainly not 'donating' when someone -buys- one of those Mounts from Blizzard. So I don't see why you think it is with this case in question.
This dips into whether or not data can be considered property. And, for the most part, I'd agree that it really doesn't matter if it's a CD or DVD or Game here and there, even if a million individuals do it. But when you have an organisation or individuals making money hand over fist, with products that they have outright stolen, even if in the case of a Private server they offer something that the legal owner doesn't, I can't believe such a person or person is the least bit justified.
If Miss Reeves is so dedicated to offering a service that Blizzard won't provide, why doesn't she go make her own damn MMO? In comparison, is it also okay to borrow a book from the library, scan it, print it on cheap paper and claim the work as my own? I mean, I'm offering the book to people for cheaper than a bookstore, and can supply more than the library, so it's all good right? Doesn't matter if the author sees not a penny from my earnings, right?