[b][i][u][color=00aeef]Update![/color][/u][/i][/b]
I have actually seen how the magic works. Not all of it, but a little. So to overview how it works...
Only certain races (and yes, I know I didn't make this clear, but there are fantasy-type races in this RP) as well as those that have read a grimoire (which are very highly priced, meaning you won't be getting a grimoire for a while) actually have a spell to use at all. 
So far, I've seen only firebolt in use, and they did not show the incantation for it, but I'm willing to ignore the incantation for anyone that wants to have a grimoire passed down to them or something. I don't want a lot of people using magic to begin with though, as it seems that those that do use it are fairly rare.