If I cast a spell with a 1 hour cast time does it take an hour to cast it into and out of the ring?

It would take an hour. Key phrase in the description is "but is otherwise treated as if you cast the spell." Components would be needed when it is cast into the ring, but not when it is cast out of the ring. (Per the "Activating an item" rule in the DMG.)

So theoretically I could cast a rune of warding spell in to it for an hour in the morning then drop that bad boy just using an action later on?

Sorry, when I said it would take an hour I meant that both the casting into the ring and the casting out of the ring would both take an hour for the spell in your original question. The only difference between out and into the ring is that when casting a stored spell the material components aren't needed a second time. Other than that, the ring doesn't modify spell requirements like time to cast, verbal, somatic, concentration, etc.

I'm a bit confused on "can store up to 5 levels worth of spells". Does this mean it can have 5 spells in it, and they can be any spell from 1st to 5th spell level?  Like you could have 5 instances of "Raise Dead"(5th lev spell).  Or would it only be one 5th lev spell? Or like two 2nd lev spells and a 1st?

Its a total of 5 levels of spells, so 1 raise dead spell or like your example 2 2nd level spells and 1 1st level spell.

Quote from Sigvard_Vigrid >>

Sorry, when I said it would take an hour I meant that both the casting into the ring and the casting out of the ring would both take an hour for the spell in your original question. The only difference between out and into the ring is that when casting a stored spell the material components aren't needed a second time. Other than that, the ring doesn't modify spell requirements like time to cast, verbal, somatic, concentration, etc.

Verbal and somatic components are not required when casting a spell from the ring.  Other than what the description of the item specifically changes (such as, in this case, slot level, spell save DC, etc.), the item follows the general rules described in the DMG under Activating an Item > Spells - "The spell ... doesn't expend any of the user's spell slots, and requires no components..." 'Components' here is unqualified, which I take to mean verbal and somatic components as well as material components.

If it is "treated as if you cast the spell" then it uses up a spell slot?

Quote from Martyn >>

If it is "treated as if you cast the spell" then it uses up a spell slot?

It doesn't use up a spell slot.  Other than what the description of the item specifically changes (such as, in this case, slot level, spell save DC, etc.), the item follows the general rules described in the DMG under Activating an Item > Spells - "The spell ... doesn't expend any of the user's spell slots, and requires no components..."

From a RAI perspective, it wouldn't be much of a spell-storing item if the wearer had to expend his own spell slots.  Moreover, the description says the wearer can cast any spell stored in it.  If the item required the wearer to use up his own spell slot, this would pose a problem for spells stored with a higher slot level than what the wearer can cast (if he had spell slots at all).

First question: How much would one of these cost if a player wanted to buy it.

Second question: I'm playing a druid and would like to cast Haste into the ring for another player to use. When they decide to cast the spell in battle will it use one of my current spell slots OR would it use the spell slot I used originally used to cast the spell into the ring?

The ring does not consume anyone's spell slots, period, and it very clearly states that. You expend a spell slot when you cast a spell into the ring in order to store it. That's it. When anyone casts a stored spell, it uses all stats of the original caster and ignores all components and consumes no spell slots, just like a wand or scroll. Casting time and concentration still apply, however, as they do even for wands and scrolls.

As for purchasing it, that really depends on how your DM runs their game. I generally do not make magical items available for purchase unless they are common. RAW, magic items are pretty rare and valuable, and don't generally sit in a shop. If you really wanted to purchase it, you'd have to find someone who has it and convince them to sell it to you. This is also assuming your character would have knowledge of such an item, which is possible depending on your backstory, but I'd wager unlikely. Although you could argue your character is interested in the concept and is searching to see if such an item exists. In that case, finding it to purchase it would be a quest that could spawn an adventure.

However, according to the DMG, rare magic items, which this is, are worth between 501 and 5000 gold. I would probably price this one in the higher end of that range, given its power.

I encourage you to think of magic items as story elements rather than min-maxing ways of improving your party. It tends to be more rewarding when you actually obtain them.

Yes it would 

Hello. If a sorcerer was using one of these rings, would they be able to use metamagic when they cast the ring-spell? In the description it says the spell acts like the wearer cast it, but does that include metamagic effects, either as the spell is cast into the ring, or as the spell is cast from the ring?

Hey,

I want to equip my thief this ring - what is the spellcasting ability he uses?

Per the item's description, "The spell uses the slot level, spell save DC, spell attack bonus, and spellcasting ability of the original caster..."

So, if a Warlock cast the spell into this item, it would use the slot level that the Warlock used to cast the spell, along with the spell save DC, spell attack bonus, and/or spellcasting ability of the Warlock at the time she cast the spell into the item.

Would be really awesome if there was a way to record what spells were currently in what slots and cast them... like players spells.

Quote from adi_oshrii >>

Hey,

I want to equip my thief this ring - what is the spellcasting ability he uses?

 As the item states: "The spell uses the slot level, spell save DC, spell attack bonus, and spellcasting ability of the original caster, but is otherwise treated as if you cast the spell." If you cast the spells into the ring it uses your spellcasting ability as the ability states that allows you to cast that spell (I assume as a thief you can't cast spells, though). If the spells are from someone else, they use the ability score of that other person. For example, if the wizard with an intelligence of 18 casts counterspell into the ring, that means that if you have to make a spellcasting ability check you use the +4 from the wizard. (If it is an abjurer wizard of 10+ level I would even rule that you would add his proficiency bonus). So yeah, basically you use all the stats from the original caster at the moment he/she put the spell into your ring, including any variations on these stats due to magic items or abilities. 

Quote from Kasian_Armistus >>

Would be really awesome if there was a way to record what spells were currently in what slots and cast them... like players spells.

I accomplish this by clicking on the item in my inventory, and then customizing the notes field with this information. I list spell name, spell slot level, and the name of the caster. In my campaign, the caster is typically a party member,so we just ask the party member to look up the details when the spell gets used.

I would have wanted the price tag at the botom of the description

it really doesn't help when I'm trying to figure out the pricing of stuff if it is comissioned

Once you cast the spe stored in it is it gone or can you cast it agian want to give my fighter this with find steed as I am going for mounted combatant