Magic

shacoreyclark20

I was wondering how do I make energy blast emanating from and off of my characters arms and eyes

Tiddly

I think doing it in post with something like after effects would be easier and faster than doing it inside of Daz Studio.  I've never done it in daz, but in theory you could near the palm of the hand add a sphere and then using surface editor set emmission and translucency or something.  Using maps could give your sphere more detail in the way it emits light instead of looking just light a light bulb. 

Connatic

If you want the energy/magic to influence the lighting then adding as a 2d postwork is not a good way to go.  You can try to get creative with the lighting and match during postwork.  I prefer in-render effects.  This product is exellent if you use Iray - http://www.daz3d.com/idg-iray-fx-props-and-shaders

sriesch

Tech Staves has some energy beams that can be used separately from the staves themselves: http://www.daz3d.com/tech-staves