Below is an incomplete list of spells in the game.
Forcebolt: A basic offensive spell. Wizards have them by default.
Light: Creates a ball of light which follows the player. continually drains magic until depleted, then the ball disappears. Wizards and Arcanists have them by default.
Healing: Gives a small amount of health to you and other nearby players.
Magic Mapping: Reveals the entire mini-map to the player.
Magic Missile: Offensive spell. stronger than forcebolt.
Opening: Unlocks doors or chests.
Locking: Locks doors or chests. Great for annoying friends in multiplayer.