Magic Carpet allows you to fly around your dimension! Using an "Ochre Rug", that follows you wherever you go, you'll effectively be flying.
To bring up the window, use the slash command /carpet. Push the "Place" button to place a carpet from your inventory. Note, you must have an Ochre Rug for this to work - these are crafted by outfitters, and are commonly available on the auction house.
Video demo: http://youtu.be/J3T4UstRmbM