And indeed it is. The game puts you in command of 3 monks on a quest to recover the holy Amulet of Yendor. Each monk masters a different school of magic, and as they gain experience from slaying enemies, you can upgrade their skills. Similar to other fantasy RPGs, Magebane 2 has a good array of magical artifacts to enhance your abilities. The gameplay is smooth, effective, and quite a lot of fun. You give orders in a pausable real-time play (similar to Wizardry 8 but not as complex), and you can slow the game down tremendously if you prefer turn-based games.
Similar to Magic & Mayhem and more recent titles such as Evil Islands, Magebane 2 is a great combination of action, strategy, and RPG genres. More spells would have been nice, but as a freeware title that is a minor nitpick. If you enjoy Rage of Mages style of RPGs or Warhammer: Dark Omen style of strategy games, check out this fun underdog that offers much more play value than some commercial games.