Does resist magic stop fireballs and such? Or do you need some kind of resist fire for that? What does resist magic do?

Resist magic mitigates a percentage of all magic damage, so 25% resist means a 20 point fireball does 15 damage. However, absorb spell or reflect spell is the chance of all the damage being affected, so you take all or none

Thanks.

Resit magic also works against all kinds of magic, not just elemental destruction (ie fire, frost, shock). For example, if hit with a 10 second silence spell 50% resist magic will reduce that to 5 seconds.

Also elemental resistances are calculated separately from magic resist. For example, if you have 50% Resist Magic and 50% Resist Fire, then you are not immune to fire. Instead the magic resist will reduce a 100 point fire ball to 50 points, and then the Resist Fire will reduce it a further 50% to 25 points (the order doesn't matter).