Eldricht lance: projectile, pierce x3, magic damage, damage x3, dig.

Lightning Massacre: Beam, Range 3x, Zone, AoE, Lightning Damage

Druids touch: Zone, Duration x3, Aoe, Grow Plants, Harvest plants

Place the 'primal spell shape' (e.g: Projectile, beam, channel, self, touch) into
one of the upper boxes then put the AOE or Zone into the box below (the
white one) with all the components.

I made an amazing discovery while messing around with AM2.

It is possible to create extremely strong spells for a minimal cost by using
wave then beam. (only beam affects the cost, works with wave, zone, and
wall)
This works in AM2 version 1.4.0.008,, I'm not sure if it's due to a bug with this
version or if it's a mechanic meant to be there and I don't know if it works in
other versions, but it's great.
Here are some of the spells I've made as well as their cost.

First a spell I call Meteor Rain:

(Wave), (Beam), starstrike, damage, damage, damage
cost:105.68 mana
behavior: sends out a wave which rains down 20+ starstrikes (hard to tell the
exact number), each dealing 300+ damage

Next up, a spell I call Armageddon (WARNING don't use unless you have a
good computer, causes a LOT of lag)
(Wave), (Zone), (Wave), (Beam), entangle, starstrike, damage, damage,
damage
cost:152.33 mana
behavior: sends out a wave creating a small zone around each enemy hit,

then sends additional waves out from each zone in the direction you are
facing, each with the behavior of the previous spell while also holding mobs
in place

This next spell is a Firestorm one:

(Wave), (Beam), Firestorm, Lunar, Lunar, Lunar
cost:3420.00 mana (still extremely cheap for it's effects)
behavior: sends out a wave and creates a Firestorm area at the start and end
of the wave, size, damage, and duration depend upon how close it is to
midnight, at midnight, the area covers a 37 block square and lasts for over 2
hours and will very quickly kill all AM2 bosses in the area I've tested it on
(have not tested ender, lightning, or fire guardians)

These are my strongest offensive spells, mess around with wave/zone/wall,

beam combinations to create your own spells.

nether quartz+sunstone