Hi Valmoric! Welcome to Illarion! Right now the magic done through the engine is via the skill "wand magic". There is a guide on how it works here: http://illarion.org/community/forums/vi ... =3&t=41222
One way to gain money is to begin doing some of the quests to gain rank in town. As you gain rank in the town, once a week (an ig month) you will "pay taxes" and receive magic gems in return. You can take those magic gems and use them in your gear (they give you an armor, weapon, or crafting skill boost), or you can begin selling or trading them with the other towns. There are 6 different gems total, each town has a set of two. Since you're in Runewick, I am pretty sure you won't have any problem selling those gems as they seem to be the least traded and therefore most desired ig ATM.
How you get a wand is rather up to you. You may be able to buy one either from an NPC or a craftsman who may sell it for less market value depending on the quality. You may be able to find a mage willing to give new mages simple wands to help them learn. Maybe you'll become an apprentice.
Ritual and theoretical magic also exists ig. It isn't supported by the engine, but is part of the games flavor. Ritual magic can be done with GM help, but it usually requires a few people joining in and rp significance. Magic teachers will also teach classes on occasion, so it is worth keeping an eye on the quest and event list as they will be listed there.
Hope this helps! Let me know if you have any other questions. With hope I will catch you ig later this week.