Magic Bullet
So what a Magic Bullet does is, no matter where you aim, no matter how bad your recoil control is, the bullets will lock on to the target. It is similar to an Aimbot.
Also, I read this article where it says that a Magic Bullet is when the vest and helmet of the enemy will be surpassed by the bullet(like magic) without damaging the vest and the bullet, but the enemy will die.
So imagine, I have a UMP and you have Level 3 Vest and Helmet. I shoot 2 bullets to your chest, you will die. But your vest will not be damaged.
I don't know if this theory is legit, but my understanding of Magic Bullet is this, it acts like an aimbot.
Aimbot
Aimbot is a different hack that in general allows for the cheater using the hack to have perfect aim, almost always in games where headshots kill in less shot/instantly kill the aimbot will make it so that the cheaters crosshairs will always snap right onto a head for a perfect headshot on every single shot.
Wall Hack
A form of game cheat especially associated with first-person shooters like Quake, in which the walls in the simulated maze or dungeon are rendered transparent to the cheater. This gives the cheater normally hidden information about the whereabouts of other players. Beyond gaming, a wallhack is the paradigm case of a whole class of security problems that stem from the fact that a server cannot trust client software, and server authors must assume that all computation farmed out to a client is exposed to and can be interfered with by the user.