We just learned today that Death is Ring magic, but for the rest:
No, you draw the three elements. But, you then combine those elements with items and THAT's how you create new spells.
Like, for example, if there's an Ultima, it would probably be a recipe of 99 Fire, 99 Lightning and 99 Ice, mixed with a dark matter. Something along those lines.
Think FFX's Mix
We did? What else came out today?