How does the Steam game gifting work?

Im thinking about buying magicka so me and friend can play it, if i buy it and gift it to him will i still have it to play with him?

When you buy a copy of the game you only get ONE copy so if you gift it to your friend you will need to buy another copy for yourself. If you want to play with your friend then you need two copies of the game, one for you and one for your friend.

If you already own a copy of Magicka then you can buy another copy and gift it to your friend then you can both play it together.

thank you for clarifying that for me

Yup, just go to buy and there is an option to GIFT it. Just click on that and then your friend and hell have the game (;

I have bought my cousin and a few gifts in the past on the sales.