To answer the question posed in the initial question: Only if you had 0 intelligence and no other damage bonuses!
Base damage is simply weapon damage + any damage bonus from gear (+elemental damage is effectively "+damage" as far as the system is concerned).
The formula is roughly as follows
Base Damage =
(weapon damage range + bonus damage from gear)
× bonus
from primary attribute†
× other class bonuses from skills.
Ability Damage =
Base Damage (as above)
× % Weapon Damage listed on the ability.
†1 primary attribute = +1% bonus damage
Weapon speed doesn't come into play at all when calculating damage from abilities.
What this means is that weapon speed is balanced as a stat; either you deal more damage per hit (by picking a slower weapon), or you use more abilities (since weapon speed affects animation time). DPS is entirely useless as a comparison metric unless you're only auto-attacking.
I was just running some tests on attackspeed and dots, and the TL;DR is that Attack Speed is a useless stat for dots.
I was able to add 25% attack speed between a ring and an amulet without effecting any other stats. I had no other bonus attackspeed, but I was wielding a pretty fast ceremonial knife to start with. I did all my testing on the Zombies outside Tristram in hell.
My stats, off the character sheet:
Damage: 1273.63
Damage increased by intelligence: 870.00%
Damage increased by skills: 0.00%
attacks per second: 1.4
Critical Hit chance: 5.00%
Critical hit Damage: +50.00%
Equipping my two attackspeed items changed:
damage: 1592.04
Attacks per second: 1.75
First I checked locust swarm. I didn't record the order of ticks (which seemed random), only the number of ticks of different numbers.
Without attack speed I saw:
- 15 ticks, 11*200, 4*240, 1*40 = 3200 damage total
- 15 ticks, 5*240, 10 * 200 = 3200
- 16 ticks, 4 * 240, 1 * 40, 11 * 200 = 3200
With attack speed I got:
- 15 ticks, 5*240, 10 * 200 = 3200
- 15 ticks, 2 * 240, 1 * 120, 12 * 200 = 3000 (user error?)
- 16 ticks, 3 * 240, 1 * 80 = 3200
- 16 ticks, 1 * 240, 1 * 160 = 3200
Haunt was a little less clean. Most ticks were 213, but the increments were all still in multiples of 40, and it seemed like the extra 3 damage varies between the casts with different numbers of ticks.
Without attackspeed I got:
- 23 ticks, 5*255, 18 * 213 = 5109
- 24 ticks, 1 * 43, 4* 255, 19 * 213 = 5110
- 22 ticks, 10 * 255, 12* 213 = 5106
- 23 ticks, 5 * 255, 18*213 = 5109
- 23 ticks, 5 * 255, 18*213 = 5109
- 24 ticks, 4*255, 1*43, 19 * 213 = 5110
with attackspeed:
- 24 ticks, 1 * 83, 3 * 255 = 5108
- 24 ticks, 1 * 43, 4 * 255 = 43 + 1012 + 4047 = 5110
- 23 ticks, 5 * 255 = 5109
- 23 ticks, 5* 255 = 1265 + 3834 = 5109
- 23 ticks, 1* 128, 7 * 255, 15*213 = 5108
Result: I'm nearly sure I just miscounted that one locusts (counting two different things while kiting even slow moving mobs is harder than it looks :/), and there's what looks like rounding error with the numbers out of haunt, but we were looking for a 25% damage increase, and it's just not there.
Best Answer
You pretty much nailed it. All your Intelligence, +Damage, Crit Chance, and other such stats are rolled up and multiplied out to give you the number pictured. All your ability damage, even as a Wizard, is based on that.
Here is a related question with a great answer containing details on where that number comes from.
In your example with Magic Missile dealing 110% weapon damage, if you are all-out casting Magic Missile, you can expect to do 110% of pictured 39.03 per second (which would be around 43 DPS with Magic Missile).
There could be other factors, like debuffs on enemies, that further change how much damage you do to those particular enemies. But the number pictured is your general overall damage value.