This is a very interesting outlook on magic. I've never thought about it before, but it makes perfect sense. Magic can't simple come out of thin air, so in that case it is similar to energy and the law of conservation of energy (energy cannot be created or destroyed). with that said, magic is with everyone and everything, and the amount and side effects that result depends on the level of knowlege the person has with magic. A strong wizard, for example, would have a vast knowledge of how to use his own magic energy, allowing himself to use smaller and smaller amounts of it, depending on what he is doing.
So in a way, every character and thing has some sort of power and the same amount. When a spell is used, it doesn't really take another person's magic away, only his/her own. This creates backfire effects by draining so much of the person's energy that they may simply collapse or become dizzy. The more they know on how to control this, the less of their energy they need to use to accomplish a given task.
This idea is kind of like the jedi in Star Wars. The Force is with all living things and is not created or destroyed; only used. The more the jedi's knowledge of the Force increases, the more they can do with it and the less tired they become when using a large amount of it. Go to Comment
For a futuristic grim gory setting. Probably powered by some kind of dilithium battery or something similarly awesome. Anyways, basicly a big drill sticking up from a hilt that you primarily use for skewering enemies painfully and drilling through armor.