The Mage Training Arena is just what it says: it's an arena used to train magic, and get some rewards along the way! If you want to go to the arena, you have to use the gate that's above the duel arena building.
Once you go in, talk to the Guardian
He'll give you a Pizazz Hat that can check your Pizazz points. Here's how it works, you play 4 minigames, and get points for that activity. You need a certain amount of points from all 4 minigames to get your rewards. The rewards include things that help you with your magic, and various other things, even a new spell!
To learn about the rewards, and the 4 minigames, just keep reading!
 The Telekinetic Theatre
In the Telekinetic Theatre, you need to move a statue through a maze by using the Telekinetic Grab spell. When you cast the Telekinetic Grab spell, instead of getting the statue, the statue moves toward you. It will move toward you until it hits a wall. Every time you successfully solve a maze, you will be rewarded with Pizazz points.
 The Alchemists' Playground
In the Alchemists' Playground, you need to get items from 8 different cupboards and use the low or high alchemy spells on them to turn them into gold. For every 100 coins that you make, you will be rewarded with 1 Pizazz Point and a percentage of the money (the money is taken from you after you leave) However, your percentage of the money cannot be higher then 1K.
 The Enchanting Chamber
In the Enchanting Chamber, there will be piles of shapes scattered around. You will need to take these shapes and use an enchanting spell to change it into an orb. There will be a big hole in the middle of the arena, which you will put the orbs in. For every 20 shapes, you'll get a gift. For every 10 shapes, you'll get rewarded (depending on the spell that you used to change them into orbs). You will be told of a special shape that will give you an extra Pizazz Point when it is changed. There are also dragonstones, which will give you more Pizazz Points when they are changed.
 The Creature Graveyard
In the Creature Graveyard, you will have to take the bones that are falling into the graveyard and use the bones to bananas spell to change them into bananas. You then have to put the bananas in some holes in the walls. Sometimes, the bones will fall on you and you will be damaged. If you die, you lose Pizazz Points.
On the second floor, you will see the rewards guardian. You can trade your Telekinetic, Enchantment, Graveyard, and Alchemist points to buy:
- Wands, starting with beginner and being upgraded all the way to master.
- Infinity Robes and a magic book
- The level 60 bones to peaches spell
- A battlestaff
- Runes, including combination runes (Mist, dust, mud, smoke, steam, and lava) and serveral other runes
- An arena book (this can be bought for 200gp instead of points)