When you cast the spell, a djinni appears and you may do a limited wish. As you know, there is always a chance that the wish is somehow used against you. For example if you ask that some monsters won't be able to kill you, the spell just kills you (so the monsters can't do that anymore). The outcome depends on the caster's wisdom. Therefore, you should only use this spell if you have Aerie (or if your own char. is a mage with high wisdom), since she is the only one with high enough wisdom to pull it off. OK so now the djinni will ask you if you want a one-time wish or a repeatable wish. Repeatable means that if you cast another LW you can ask for the same thing, if you choose one-time, you can never ask that same wish again.
I suggest you try it out for yourself; just reload after every option and choose another one (or just cheat a whole scrollcase full of LW heh). Some of the options are: to heal your party, kill your enemies (who are present at the time, if any), you can get a nice set of armour, some gems and gold, you can ask to become more experienced, you can get a chain contingency....etc. It's great fun to try out!
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