Paradox Interactive at PAX 2011 has announced a new turn-based strategy game, Warlock: The Master of Arcane. As one might guess, it involves wizards and magic. The trailer that was released seems to indicate it'll be a global strategy title, with various types of magic to be researched (as indicated by the runed wheel in the trailer).
Check out the debut trailer in the video below. We'll have more information as we get it.