You've already received some good answers, but I'll elaborate a bit.
...I was under the impression, that (somewhere) it is clearly stated that anything over 500mw requires a license.
Simply and unequivocally untrue. Period. End of discussion. There is no such thing that so clearly states that.
...However, I was looking for more in depth to that ie. "in accordance, power not to exceed XXmW" blah blah blah. I will look into that Communication Act.
You won't find it there.
What you're interested in is Part 15, which specifically deals with unlicensed transmitters. It spells out frequencies, power levels, etc. Generally, Part 15 power levels are very very low, except for certain specific subparts, such as the rules for operation at 915 MHz, 2.4 GHz and 5.8 GHz.
Outside part 15 is the previously mentioned Part 95 which includes 'licensed by rule' services such as CB and FRS. There, some very specific technical parameters are set such as mode, frequency, and power levels.
Buried within Part 15 is language that would allow you to operate within various frequenices without a license, but I would use extreme caution in trying to interpret any such thing. Power levels are generally specified in terms of field strength, not transmitter power output in watts.
There are also lists of frequencies that one is prohibited from intentionally radiating at all in unlicensed operation.
Some of the language within part 15 is very technical, and not necessarily intended for mass public consumption. If you're technically equipped to interpret and follow the rules then, maybe, you're capable of something beyond bubblepack FRS radios.