If you create a magma river that flows from the volcano to the map edge, I wonder if you can generate power using nether cap water wheels?
To the best of my knowledge (tried it, but perhaps too half-heartedly), magma doesn't produce a flow that can be utilised by waterwheels. A dwarven magma reactor would certainly be a worthy endeavour, but currently, it's not possible.
I've always wanted to try that but I've never had any nether cap to work with.
This is going to be a little long. The setup is important to the delivery.
My first fortress was on a mountain. What little water I had was in in serveral murky ponds spread across 3 layers. I was so new that I couldn't even make my own booze. My fortress was in danger of failing every single time a caravan arrived. I only survived by trading stone crafts for every single piece of food and every barrel of booze they had. My dwarfs had drank several ponds dry. I noticed that the rain would fill the ponds part way each time it rained. I developed a plan to drain all the excess water from all the ponds into a central cistern that would feed my indoor wells (I had three). The ponds on the top layer were always drained. I ended up draining all the water from the middle layer into the halls that I had dug to bring their water back the the central line (too far, water level fell below 2). My last attempt was to build an outdoor pump stack that pulled water directly out of the third layer (lowest) ponds into the first layer. I was a little smarter this time as I setup floodgates to prevent over draining. I was able to fully fill the first layer ponds without draining the third layer ponds completely. That was until I left the pumps on and the flood gates open. The very next time the dwarves tried to drink all the top ponds dry the pump stack drained the lower ponds instead. You can see where this is going, the next cycle after that the dwarves drank the top ponds dry.
What to do? Well, I decided the only way out was down. I had dug a shaft down and there was a lake down there. So I built a 66 tall pump stack to bring up water from the underground lake to the surface and refill all of the ponds. By this time I had connected every pond the the central line and I had completed the pump stack that would pull water into the cistern. All I needed now was the water.
While I was building this massive pump stack and the massive wind mill farm to power it. I discovered a magma pipe. Realizing that I had put in all of this work to get a pump stack down there and that I only needed a few more wind mills to reach the magma. I set about designing a dual purpose pump stack. I traded away all the wooden parts for the stack that I had already built and set about making the entire thing out of glass.
I finshed the stack and decided to pump the magma first and then the water. I knew from the wiki that I only needed to charge the magma once to get my magma workshops to run fuel free forever. I messed up and I ended up with 10 times more magma 'in the pipe' than I needed for the workshops.
Which leads to what I ended up doing with all that excess magma. I filled every pond on the map 7/7 with magma. When it rained the water just hissed and evaporated away immediately. Eventually I built a 'drain off' path and drained all of the magma out of the water system, but it was extremely cool having ponds with magma. I heard that someone did the same things only they replaced all the water in the ocean with magma.
tl;dr what was once filled with water has become filled with magma.