Are wizards immortal?

[Farael]

For more information on the Wizards (or Istari as they are also called) I'd recomend you read Unfinished Tales. To make a long story brief, the Wizards were Maiar (have you read The Silmarillion? if not, Maiar are somewhat like what we know as angels... not exactly, but to keep it simple) that were sent to Middle Earth to help fight Sauron. While in Middle Earth they were still very powerful, yet their 'souls' were inside human bodies and so their power was rather limited.

They came to Middle Earth from Valinor, so they weren't quite born from Wizard parents... although I don't know about the bodies they inhabited.