Benemodus: High chance of miscast, and you'll receive a message saying "misread the incantation"; nothing happens. Moderate chance to decrease one of seven needs: Energy, Comfort, Hunger, Hygiene, Bladder, Social, or Fun. Moderate chance to boost 4 random needs, either bladder, social, fun, and comfort, or energy, hunger, hygiene, and comfort.
Aurum: High chance of miscast, and you'll receive a message saying "misread the incantation'; nothing happens. Moderate chance to decrease all needs: Energy, Comfort, Hunger, Hygiene, Bladder, Social, and Fun; they'll never drop to full red. Low chance to get a gold pot; the pot won't belong to anybody and may be moved by the property owner/roomies; it can also be sold by anyone.
Corruptus Locus: High chance to spawn roaches around you and drop some of your hygiene (can be used to feed the vines). Very low chance to spawn a rare flower.
Aqua Creatum: Moderate chance to create a flood around you and drop your bladder, or water 8 plants on the lot and drop your bladder (if you have no plants and the outcome is water plants, nothing happens).
Tempestus: High chance for a small explosion to occur on top of your Sim, causing you to drop to the ground and lose some comfort. Low chance for deadly fire to spawn on top of you and kill you. High chance for non-deadly electrocution, and you faint, making you lose some comfort. Low chance for deadly electrocution, and you die.
Appelo Spiritus: You summon a ghost anywhere beside you that causes you to lose some comfort and fun, he will possess a random sim.
Read: For Sims above a certain threshold in the logic skill, there's a couple of lore-related messages.
Additional info: The book cannot be used if the Sim's needs are too low when you're alive. As a ghost, you may try all spells, but there are 4 outcomes in which you'll be rejected from interacting with it (just funny animations).