You now have direct access to The Backyard, and can manipulate it's energy into the five elements (fire, lightning, water, wind, and ki) and the 666 known spells. Magic works by arranging up to 12 of the spells into a phrase which is written or spoken aloud to produce an effect depending on the words, the number of words, and their order, in some ways similar to programming.
You can research new spells, new applications, and new combinations, as spells are just means created by humans to manipulate the energies of the Backyard.
(This power essentially allows you to do anything with enough research and preparation.)