This is my favorite tactic with my bard. That and blinding the ones I can't charm.
For the OP: Pretty much what's been said, except by that one guy. You're going to run across a boatload of wands - use them. With my wiz, I buff myself a bit, and use a cursespewer and improved destruction pair of weapons and I stab things and jump around alot. Those weapons make it easier for the melee guys to kill the bad guys, and then I toss out the CC and WoF for the large groups, and Big Bads. It's been said that I'm awfully stabby for a wizard. There are several ways you can contribute to a group while conserving spell points.