Lyric discussion by Discerner 

Cover art for Too Late lyrics by Black Sabbath

Yes. It's too late to save his soul and he's damned. "GET READY FOR JUDGEMENT DAY!" as the guitar mimic's a scream. The end of the song fades out with the guitar also mimicking vain cries for help as the damned soul plunges to hell. The person who made the deal originally benefitted from the occult power granted to him by making the deal. "To wish and make it so" means the power he/she has to literally wish things and make them come true via magic(k). They feel this power growing stronger in the early days of the deal but ultimately it all fades (the spell is gone) and this time they're the fool (a reference to the tarot). The magic one referenced in the lyrics is presumably the devil who has granted this damned soul magical powers but the price is being chained to the flame (flame being a metaphor the devil) forever. But in reality it never too late to reach out your hand to Christ and offer him your true repentance. The greater the sin, the more glorious the saving. Now go turn up the volume to 11 (eleven being a magical number supposedly) and rock out.

Negative
Subjective
Fear
Judgement
Damnation
Occult
Power
Redemption