What it sounds like to me, is that to use a spell you need to equip it, much like in Morrowind. However, you have two hands in which to equip items. You can go sword + shield, Sword + sword, Sword +spell, Spell+spell, etc. It was interesting to note that it said by equipping two spells, you can create a new spell that is a combination of both.
But what if I was to mix two completely different types of spells? Say a fireball and a heal spell? Will such a thing even be possible, or will you only be able to combo similar types; like heal + shield or fire + ice but not fire + heal?