I don't think there's a windowed option; there's nothing on the Video options pages, and the standard windowed/full screen toggle (Alt+Enter) doesn't do anything. However, not being able to run in a window has nothing to do with the ability to switch to other apps; that works just fine (although, unlike some (most?) other games, Wiz8 continues to play its music & ambient sounds even when it's not the foreground app).
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