The Wizard is the only Hero capable of creating or casting Spells. To do so, they must first read the recipe for the spell from a tome. Then they must align three runes in proper order to create a spell. Once the spell has been created it can be cast indefinitely until the wizard chooses to forget the spell. The total amount of spells that can be known at one time is dependent on level.
In total there are 8 runes: Air, Light, Force, Dark, Energy, Fire, Order, and Chaos. Order is unlocked at level 5 with a new set of spells. Chaos is unlocked at level 10 with the last set of spells. It was initially believed that every spell has its own combination of runes, however some spells have exactly the same recipe though the order of the runes is different. As there are 8 runes total, 3 runes for each spell, the order of the runes matters, and no rune can appear twice in the same spell, it can be calculated that the total number of possible spells is 8nCr3 = 56.
There are 12 spells that can be learned simply by leveling the Wizard. These spells are: Growth, Curse, Magic Arrow, Spirit Thief, Mend, Miasma, Ghostly Music, Terror, Telepathy, Sleep, Inferno, and Teleport. A common responsibility for the Wizard is casting a spell, that spell will always be one of these 12.
There are many spells that aren't simply picked up. In order to get them you must guess their configuration.
Some spells are only available during current quests such as Endurance and Alacrity, which are used in the quest to annex Advorton. These spells disappear after the quest ends.
Magic also takes the form of scrying for information in the crystal ball and creating potions for use by the Kingdom.