Nobody exactly knows who this Old Wizard is, living North of Hurnscald, in a house of the Woodland Hills, nor when he settled there. This said, he is described as a kind and friendly person, and also a master of many schools of Magic, with a very deep understanding of Magic forces.
To find his house, follow the stone road West to the first Northern going stone road. Follow the road up to the T, turn right and take the first dirt path to the right: you will soon see it on the right of your character.
If you go in the wide back room beyond the Old Wizard, you will meet Fabius, his apprentice and, behind him, a very special room filled of floating parchments and a magic mirror. As you will quickly find it out, mirror and parchments are to use with caution, and can be really funny...especially if you are not the recipient of their results!
Although he's a very wise man, the Old Wizard will only teach you one spell, simply by talking with him.
Spell taught by the Old Wizard:
You can find the script here.