In order to reach the level of wizard you must score at least 250,000 points and 35 quest points. Once you are a wizard you will be immortal and you will not be liable to lose points through deaths unless you choose to become mortal again for the purpose of doing more quests (see INFO DIS).
Different wizard levels get different privileges, the 4 levels are:
Wizard (Level 2000): 35 quest points.
UltraWizard (Level 3000): 75 quest points.
MetaWizard (Level 4000): 120 quest points.
MasterWizard (Level 5000): ALL quest points.
While you are a wizard you should not interfere with mortals running beyond subtle hints and help.