Spell Damage

Being the good dungeon crawler I am I wonder from time to time - should I wand, or should I cast?

Seems like a simple question, but I am dumb. So I need to ask here: when I open up my character sheet I see two numbers, a damage next to Dexterity ("Ranged Damage you currently inflict") and a number next to Magic ("Weapon elemental damage you currently inflict")

Now, that first number is self explanatory. But it seems to me this second number is kind of useless. It seems to be a total of my +elem. damage bonuses on my armor and crap.

So can someone tell me how to turn any of these numbers into, say, a damage number for a particular spell? For example Ember Bolt?

P.S.- It sure would be nifty if Torchlight gave an up-to-date dps calculation for each spell.......

[Golden Void]

I believe the Dexterity number is the total ranged damage you inflict with your wand(s).

The Magic number indicates how much of the above is elemental (all elements counted together).

I assume that items which increase a specific element (eg Poison) would do so for all spells that use that Element (eg Ember Bolt), but I found know way of calculating your current total save adding up each item individually.

And what about the total damage for a particular spell? Sure, Ember bolt is xxx base damage +y% weapon damage +some kind of elemental damage --- but jeebus! What *is* that number?