Running speed is also EXTREMELY affected by the amount of stuff you carry, like you can run 2 to 3 times faster naked compared to full capacity.
Imperials aren't so fast to being with too so it doesn't help, but you'll get ways to boost your speed early enough (potions, scrolls, spells, etc).
And to equip spells you click on it in your menu, then you press the '' R '' key to ready it and left-click to cast.
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http://en.wikipedia.org/wiki/TORtanic