That's a lot of spells. How does it work, is this your "spell inventory"?

Yeah, that's the spell menu. Everyone has the same spellbook, although there are two other spellbooks which you can unlock after doing specific quests. Each spell has a magic level required to cast it, and a number of magic runes (consumables) needed for a single cast. The last three spells are blacked out because my magic level isn't high enough.

Reason I took this screenshot was because the icons were recently updated, and I must say they look rather shiny now.