You can't make or buy spells, each time you level up when yu press select you have points, and depening on the number of points you have you can add them to certain spells.

if you look in the book it tells you from shobby though to flawless it adds and depening on which ones you have they add a certain % of ac or wep damage. When you have rings or a neckys, you can refine them, you can do this by going to the shopkepper and clicking workshop, but dont foget your gems! you can use up to 16gems at a time

Your spells or skills can only be upgraded by experience points. But here is the good part, your weapons, armour, boots, helmet, gloves, rings, and amulets can be upgraded. How do you say? Go to the trader and enter workshop. There you get the option to chose what to build up. You must have Rune Stones as the basic building block then you can mix and match two more. Depending what you use the on is what you get. A total of sixteen stones per slot is allowed in the easy modes. More in the harder modes. Example by using a rune stone, a pearl, and a diamond you get an angelic sword. There is one catch, it must be of fine quality or better to upgrade. Have fun mixing and matching, I had a ball and some really cool items now.