How to get Renew from Ray
In the Town of Capitan you'll have to complete a dungeon inside of a Well where you'll meet a man named Ray. After beating the boss, Terapin, Ray will l tell you to save all 6 Villagers from the Well and if you do so you'll be given a reward, the Renew spell. Renew resurrects a player from the dead which is extremely useful - especially since we have no real means of doing it at this point in the game!
Saving the Villagers from the well is fairly straight forward - you will have to walk around the dungeon and speak to each one of them. Most of them you'll have to battle which will be a fight with 2 target a Villager and a Chiroru. For these fights you'll want to attack the Chiroru only. If you do this you'll save the Villager; they won't leave the screen after you save them but when you exit and enter the screen again they'll be gone.
You won't get your reward for saving the villagers from Ray until you take him back to TownShip... yea the same place you dropped Bow off at earlier in the game. You also won't be able to go back to the town the same way you came - it's a bit of a hassal.
As aforementioned saving all of the villagers will get you Renew, a spell that gives you a 70% chance to revive a player that's been defeated. Failing to save all of the Villagers will get you Cure2 - an improved cure spell.