Dr. Faustus Interpretation

In the end of scene one Faustus, Valdes, and Cornelius are talking about all of the things they are going to do once Faustus becomes all powerful with his magic.  I'm not really sure what is going to happen in this book. I think that maybe Faustus will begin to get really cocky with the magic he learns and ends up dying over something really stupid...not sure what...but that is what I am guessing! Haha