I also had a Italo/Cosmic Disco period in my life, absolutely amazing genre. Magic Fly is one of the most well known and successful cosmic disco tunes.
My first contact with the melody was with 'Trance Atlantic Airwaves', their video rotated on MTV and VIVA, I had no clue about the original version in that times.
Here is a extended version of the TAA rework
Trance Atlantic Airwaves - Magic Fly (Wonderland Mix)
also Andry Nalin of 'Nalin & Kane' made his own versions in the 90's
and this version was my very favourite:
Nalin Inc. feat. Space - Magic fly (Dusseldorf Electromix)