The spell descriptions in blue come from the game itself, copied straight from the library. All comments of mine are in green, if any.

Blind Rage This spell costs 2 mana and targets one unit. If the caster is two levels greater than the target, the target will attack the caster.
Why do you want units to attack your mages? This makes no sense to me.

Wheel of Fortune This spell costs 4 mana and targets one unit. The targeted unit randomly gains or loses combat statistics.
If you think you are going to lose the battle, you may as well try it. An increase in attack and defense and you might pull out a win.

Hand of Fate This spell costs 4 mana and targets one unit. The spell has a 40% chance minus 3% chance per level of the caster of targeting the caster instead of the target. The target takes 2 times the caster's level points of damage.
Sort of like fire's inferno spell, but it only targets one unit. Don't use it with low-level mages, they've got more chance to hit themselves, plus it won't do much damage.

Blades of Fury This spell costs 4 mana and targets the caster. A number of blades equal to the caster's level move away from the caster, doing three points of damage to any unit they contact.
Interesting spell, probably hard to anyone, unless they are a large army. In combat this spell says 6 mana.

Confusion This spell costs 8 mana and targets one unit. If the caster is 2 levels greater than the target, the target will become confused.
In combat it says this spell costs 6 mana. What happens when they are confused?

Vortex This spell costs 8 mana and targets a unit. A vortex is created around the target, then moves of its own volition. Any unit touched suffers 5 points of damage.
Once, again, in combat it will be useful only in large battles. It says 10 mana in combat.

Polymorph Other This spell costs 8 mana and targets a unit. The unit is randomly polymorphed based on the casters level.
In combat it says 12 mana. This spell is so much fun to use. I fought a battle against 2 chickens and a goat. Hehehe. It's a permanent spell, too.

Crash This spell costs 8 mana and targets a unit. The targeted unit loses 200 experience points and combat statistics increase at random.
Good for high level units with plenty of experience to spare.

Blink This spell costs 4 mana and targets the caster. The caster is teleported to a random location for 10 seconds, then brought back to the original location.
It may teleport you near the exit to escape if you can get out fast enough.

Shimmering Veil This spell costs 4 mana and targets a party. She party gains +50% missile resistance and +3 to armor.
Actually, you only get +2 armor. Pretty good against a lot of missile units.

Polymorph Self This spell costs 8 mana and targets the caster. The caster is polymorphed based on their level.
Actually, it costs 12 mana. This spell is fun. I won a battle I normally wouldn't have won by changing into a stone giant. Make sure you cast all the spells you want first, because you can't change back and you can't cast any more spells.

Teleport Artifact This spell costs two Mana and targets a Capital or building. Any unwielded artifacts the caster is carrying are teleported to a unit at the targeted location.
Good way to get rid of artifacts or potions when you know a lone mage is going to die soon.

Dispell Magic This spell costs four Mana and targets an enchantment. The spell is dispelled if the caster’s level is greater than or equal to the enemy spellcaster’s level.
Works best to get rid of Golgotha's Gift. I wonder if this works on Polymorph Other ?

Tourniquet This spell costs 4 mana and targets a pary. The party gains an additional hit point when not moving over 3 turns.
Once again, 1 hit point over 3 turns isn't much.

Detect Order This spell costs 4 mana. All earth units within 10 tiles are revealed
I guess if you are paranoid and think they are lurking about in the shadows it may be used.

Reincarnation This spell costs 8 mana and targets a dead unit. The dead unit is reincarnated as a random unit of the same faith.
This is pretty cool. It's a good way to pick up some units of opposing faiths. Just beat them, then take their dead as your own.

Minor Fate This spell costs 2 mana and targets a party. The party gets random gains and losses in combat statistics.
If you don't mind losing some stats, you can gain some.

Invoke Fate This spell costs 4 mana and targets a capital. The targeted capital gains +1 to either fame, gold, crystals, or ale. Gain whatever you need, if you can get the right one.

Wanderlust This spell costs 4 mana and targets a party. The targeted party gains +10% to 25% movement.
Good way to get somewhere in a hurry.

Winds of Change This spell costs 8 mana and targets a location. The targeted tile is changed into a random land type.
Another useless land change spell