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www.wizards.com/dnd/files/dl_SpellExchange.doc
Spell Exchange [Metamagic]
You have greater freedom to decide how many spells of each level to prepare. Spell exchange is available only to wizards.
Benefit: Two spells can be prepared using a single spell slot if their combined level is less than the capacity of that slot. For example, two 2nd level spells can be prepared in a 5th level spell slot. Conversely, a spell can occupy two or more spell slots as long as the combined capacity of the spell slots is greater than the level of the spell. For example, one 5th level spell can be prepared using three 2nd level spell slots. When using a spell enhanced by metamagic, you can use up any combination of spell slots that add up to the level of the enhanced spell. You must be capable of preparing the enhanced spell in the normal way to use this option. For example, you must be able to prepare a 6th level spell to maximize a fireball, but you could then use the Spell Exchange feat to use a 4th and a 2nd level spell slot instead of a 6th level spell slot. For the purpose of this feat, count 0-level spells as if they had a level equal to ½.
Edit: Changed Title and edited for spelling
www.wizards.com/dnd/files/dl_SpellExchange.doc
Spell Exchange [Metamagic]
You have greater freedom to decide how many spells of each level to prepare. Spell exchange is available only to wizards.
Benefit: Two spells can be prepared using a single spell slot if their combined level is less than the capacity of that slot. For example, two 2nd level spells can be prepared in a 5th level spell slot. Conversely, a spell can occupy two or more spell slots as long as the combined capacity of the spell slots is greater than the level of the spell. For example, one 5th level spell can be prepared using three 2nd level spell slots. When using a spell enhanced by metamagic, you can use up any combination of spell slots that add up to the level of the enhanced spell. You must be capable of preparing the enhanced spell in the normal way to use this option. For example, you must be able to prepare a 6th level spell to maximize a fireball, but you could then use the Spell Exchange feat to use a 4th and a 2nd level spell slot instead of a 6th level spell slot. For the purpose of this feat, count 0-level spells as if they had a level equal to ½.
Edit: Changed Title and edited for spelling
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