Virtually all 'magic' could work as result of fine-tuned psychokinesis. Fire magic - psychokinetically 'excite' a cloud of air particles until they super-heat. Ice - condense and freeze atmospheric moisture in the same way. PK could be used to artificially generate static electricity - 'Bolt' spells, in other words.

Magic would be a pain in the behind in our world. Unregulated, uncontrollable destructive abilities - even worse than unrestricted firearms laws.