Point Blank Shot: +1 bonus on ranged attacks when target is within 3 squares.
Precise Shot: No -4 penalty when shooting at a target involved in melee combat.
As for do ray spells (ranged touch attack) incur the -4 penalty? Dunno, probably yes. It's easy to find out though. You cast a ray spell and click on the roll. You should see something like:
+4 Base Attack Bonus
+4 Dexterity Bonus
+1 Weapon Focus Ranged Touch Attack
-4 Firing into Melee
However, the question is: does it matter? You wouldn't waste a feat on precise Shot for your Wizard? Ranged touch attacks ignore armor so hitting stuff even with the -4 penalty should cease to be a problem soon-ish.