It would be a box similar to the inventory, it would have all the spells and different level ones and icons fore each, if the player had the skills and equipment to do a certain spell it would light up where the other ones would be greyed out, the box would be opened just like the other tabs and you could drag spells into the shortcut bar for easier access.
It would look something like this (note I used paint so they aren't that great)
new Tab location

The Magic Menu

I forgot to change sum stuff,
1. Where the Inventory is I'd name it Magic Menu.
2. Where the weight is I would put a mana bar, to show how much mana.
3. Where the rectangles are I'd put a picture of the spell and the name under it and beside the name in brackets how many possible times to be conducted with the amount of stuff the player has
All around i think it would make magic easier and more used then it is at the moment. Your game so your call though.