Wizards are people who purposely muck around with the fundamental building blocks of the universe. They take ambient arcane energy and shape it as they see fit (typically through the use of a focus ex: a staff).
Anyone can be a wizard, but you have to spend a long time learning the craft.
There is an exact science to Wizardry, all those strange words and hand gestures (when without a focus) have a lot meaning when the difference between “Kel ‘armun” and “Kal ‘armun” is the difference between setting the enemy on fire and setting yourself/ your team on fire.
One wizard can be just as powerful as another, given time enough time and resources.
Sorcerers are a source of the fundamental building blocks. For some reason sorcerers have a little bit of raw arcane power in their blood. This leads to odd things happening as they unintentionally tap into this power as they grow up (such as shooting lighting at bully or sneezing fire.)
You have to be born a Sorcerer, and such magic is typically inherited from parent to offspring.
Sorcery is an art. Unlike Wizards and Warlocks, where there are rules for what you can and cannot do with your power, Sorcerers use gut instinct and
No two sorcerers have the same amount of power or control, and can vary widely from person to person.
Warlocks are people who attain their power through making a deal with an entity that is stronger than they are. Typically this is involves Demons, Devils, and things like them, but can also include ghosts, dragons, creatures that live in the elemental planes, etc. as long as they are powerful enough to share.
Anyone can be a Warlock, since you are not the source of your power.
A Warlock is a servant, in exchange for power you serve the will of your contract holder. If you fulfill the contract, the power may be yours to keep depending on the terms. It is possible to buy out the contract or, if you’re clever, keep the power without fulfilling the contract and doing as you please with the power.
It is possible for warlocks to just as powerful as one another, depending on who their masters are and how much they bargained for to get their power, but the amount of control can vary.