There is one positive to he Spell Absorption bug. If you cast summon flame atronach for example, and you absorb the spell, you will absorb the spells base cost, after any skill or enchantment reductions, meaning you can recover magicka this way. This also seems to even happen sometimes when the spells are successfully cast.
I've never had a raise dead spell not work, so you could try that, too.
Unfortunately, recovering your magicka this way is cold comfort when a gang of Draugr Deathlords equipped with ebony bows is bearing down on you, while your Sanguine Rose staff fails to conjure a Dremora Lord again and again and again.

That happened to me the other night.
It does seem to matter which summons you're trying to raise, though. I can cast atronachs and even a Flame Thrall and have them appear the first time almost every time, but with the Sanguine Rose, or the Conjure Bonewalker or Mistman spells, the summons almost never appear before I'm forced to give up and try something else.