Okay, I like what you have going here, and I understand that this is your first RP, but there's still some things that could be improved on.

First off, if you're going to allow magic, there needs to be a defined system of how magic works with rules and limitations attached to it.  Where does this power come from?  How does someone gain the ability to perform magic?  Just how much can you do with magic?  What can't you do with it?

Secondly, what are the differences between the races of men, orcs, elves, etc.?  What advantages do the different races have over one another?  Do they all live amongst one another, or are there separate communities of different races?  What are the cultures and beliefs/religions of the different races?  Do they all have the same beliefs and customs, or does each race adhere to it's own beliefs and customs?

Thirdly, a more fleshed out history of the world up to this point might be in order (though it may not be absolutely necessary), and it would certainly help people feel more interested and engaged in the world as it would make this world more real.

Finally, make sure you have a definite idea of where you want to take this story.  What are some major plot points that you want to cover?  Most importantly, what is your ultimate goal for this?  Obviously, these things are probably things the other players don't need to know, but they are definitely things you should have in mind as you progress this RP in order to keep things on track.

Like I said, I like what you have going so far, and I think it shows promise, but there's a lot of things that need work.  What I would suggest is put this on hold for a while to work on some of these things (and others) and do some more RPing here to get sort of a feel for what is expected, and then, once you have that down and have more of these things ironed out, you can try launching it again.  Also, there are other forums here that have some great advice about RPing and GMing that you might consider browsing through to get a better idea of what all needs to go into making an RP.  Also, consider finding a veteran RPer and GMer to co-GM your first RP.  I think that would be very helpful.

Please note, I am trying to be helpful here, and I apologize if any of this sounds overly critical.  This is a good idea; it just needs more work.