Penn & Teller explain the seven basic principles of magic:http://www.youtube.com/watch?v=_qQX-jayixQ
In case you missed it:
- Palm: To hold an object in an apparently empty hand.
- Ditch: To secretly dispose of an unneeded object.
- Steal: To secretly obtain a needed object.
- Load: To secretly move a needed object to where it is hidden.
- Simulation: To give the impression that something that hasn’t happened, has.
- Misdirection: To lead attention away from a secret move.
- Switch: To secretly exchange one object for another.