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I wish I remembered the story properly! Are you sure? I thought that he wore it openly when during the triumph at the end. I really *have* to read the books again. As for the question of magic: the powers of the lesser rings aren't really set out, more hinted at, but the One Ring, among other things, makes its wearer invisible among many other things, a magical power. I agree it's hardly a Potterish type of Cute Magic; it's still magical.

doesn't Aragorn have one of the Rings?
Not to my knowledge.
The rings are magical.

Not in today's sense or maybe the Harry Potter sense

Oh, I think they are quite magical. However, these are the three elven rings that the elves of Eregion made, Nenya, Narya, and Vilya. Vilya was used to cause the flood at the river Bruinen when Frodo was in trouble at the ford, Galadriel used Nenya to create her barrier that surrounded Lothlorien, seen in Fellowship. Gandalf had Narya, which he used to fire the hearts and mind of the enemies of Sauron. Each of these rings are shown explicitly at the end of book 4 being worn by their owners. They were subject to the will of Sauron, IF he were to regain the One Ring. It could be said that Narya is the ring of Fire, Nenya is the Ring of Air, and Vilya is the ring of Water, depending on what you read into Tolkeins later works.

The seven rings of the Dwarves are not featured in the books, but the nine rings of the humans perverted the humans who became the Ringwraiths. Sauron has the Nine and the Seven when the Fellowship starts.

And, of course, the group depends on Sting's magic throughout the epic, as well as the magic of the Phial of Galadriel. There is also Gandalf's sorcery which features very prominently during the first book. Certainly sorcery has a decent sized part of Lord of the Rings.