The Volatile clay hatchet is a hatchet made by transforming the Volatile Tool. When used this gives a 120% experience bonus, meaning you get 220% of the normal experience per log cut. The experience bonus stacks with the Lumberjack outfit. This item can be bought for 20 Stealing Creation Points from the Rewards Mystic in the Stealing Creation 'hut'.
Be aware that at any time, any of the Volatile Clay items could spring back to being Volatile Tool. If this happens you can keep reverting and morphing it until you get the item you wanted back, but it uses up charges. When all the charges are used up, the hatchet will crumble.
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* 175xp With a regular Hatchet* 350xp With a Sacred Clay Hatchet* 385xp With a Volatile Hatchet
When you are in the dungeon, just before the fight - you can kill Zombies to get a hatchet as a random drop.
About 60 hours with dragon hatchet.
Fractite hatchets, and other fractite items, are items used specifically in Dungeoneering.
You can buy axes at the Grand Exchange in Varrock, find them lying around, or at Bob's Axes in Lumbridge.