I just turned Level 59 and have the Fist of Karana spell.
Is this spell used for Quad Kiting?
Is it an upgrade in the Lighning Bolt series of spells?

Yes, quadding is pretty much its only use.

Tat

when you get to level 61 swap out winter's storm in it's place for quadding. costs a little more mana but than likely won't be resisted like fist will and has a faster cast time.

A little slower on the recast, but the lack of resistances makes WS the clear winner. I don't use anything but WS for quadding anymore.

WS seems a little more tolerant to mobs not being lined up perfectly too. More mana but really nice, especially on mobs with close to identical hp.

Does WS hit 4 targets, though? Or do you only kite 3 at a time?

Tat

It hits 4, if you do them all simultaneously. Or 2 waves will hit two mobs twice.

Well that's cool. Plus we can debuff cold resistance as well :)