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*Dwimmerlake, armoured horse
-10 morannon orc
-2 giant spider

*Orc Captain, shield
-10 morannon orc
-2 giant spider

*Orc Shaman
-11 orc warrior, banner
-1 mordor troll

*Castellan of Dol Guldur, morgul blade

*Castellan of Dol Guldur, morgul blade
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+Overall: 750p, 3 might, 41 unit.
+Pros: counters enemy heroes hard. Castellans with morgul blade get a lot scarier with aid of dwimmerlake. Troll is cool. I need also ghosts and spiders.
+Cons: Too few units. Too few spiders. No barrow-wight (i would simply love it in some army, would it be bad to include here?). NO MIGHT MUCH!

Is this army list good or BAD?!?!?!?!?

Well if non of your troops have spears I'd say it's pretty bad. But if they have gear you didn't list then I'd say its like to do alright so long as you keep it together.

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"Draw your sword with a heavy heart, but swing it with a heavy hand"

Yes, I often automatically add weapons to normal units without specifing them, as its quite clear they have some weaponry.

So, would this army have a realistic chance to beat for example... Dwarves 750p? Both would be melee oriented, dwarves have superior defence and for point cost incredible good heroes.

Depends on the army but sure you have a chance against most set ups I can think of.

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"Draw your sword with a heavy heart, but swing it with a heavy hand"