You start concentrating on the skill. You are prepared to do the skill. You start studying Blue slaad... ... You are done studying! Blue slaad is a slaad. It is an undead creature. Nobody has studied this creature before, congratulations. It has some resistance against physical damage. It appears to be weak on the official folklorist danger level rating system.
Runemages project: all damatypes and prots unlocked
Runemages project: 6h or so to sort runespell formulas
Runemages project: 4-5 days of staring at trees and ores