Glowing ghostly pirate figures are almost as rare as spooks (Playmobil doesn't count!), so I was very pleased to see that this board game from the early 90s came with a luminous figure of Blackbeard's ghost. And what a splendid figure it is too!
This site has full details of the game and lots of high-resolution pictures, including Blackbeard's ghost from various angles and in both glowing and non-glowing mode: http://boardgamegeek.com/boardgame/3846/ghostly-galleon .
I've nabbed this low-resolution image as a taster:
The game looks fun enough too. One more for the wish list!