You know, it actually reminds me of an old game called \"Revenant\" - you found runes/glyphs(that you kept while casting) and certain combinations created certain spells; depending on their order and sequence.
Personally though, I would have liked to see a more... \"Evil Island\" approach to spells. Slightly modified, of course, but still very similar. In Evil Isles you were able to craft custom spells - where you basically had your \"template\", which determined the end result, (I think that would be too limiting for PS though) and then you could add rune/glyphs to it in order to boost it. IT was kept balanced by a \"complexity\" factor which I think could be easily replaced with the players\' \"skill level\" in that way of magic.
Example of how it worked in Evil Isles(not actual values):
Spell template: Fire Wall (complexity: 5)
Added effects: Duration Rune(last longer, complexity: 5), Effect Rune(do more damage, complexity: 7), Cost Rune(requires less mana, complexity: 15)
PS version:
Primary Glyph: Glyph of Burning (Red Way: 2)
Additional Glyphs: Glyph-of-take-forever-to-stop (Generic way: +5, Spell Duration: +30sec), Glyph of Fool\'s Challenge (Generic Way: -1, Mana Cost: +10%), Glyph of Ker-Zap (Azure Way: +1, adds electric damage).
// \"Generic Way\" being a change to the \"base\" way of the spell.
Whew, that\'s what I\'d \"have\" liked to see anyhow, sure was fun though =P. Anyhow, that\'s my 2(+15%) Tria to this topic =).
Edit: fixed invasion of those evil emoticons