When heaven and earth are at arm's reach.
This deck is far from being stable. Comments are highly appreciated.
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Gameplay
The main win condition for this is to use mana cost reduction and grant flash to sorcery spells, with the use of Rakdos, Lord of Riots, Goblin Electromancer, and Hypersonic Dragon.
In early turns, I focus on U/B/R's counter and removal spells. Use Psychic Strike to counter, especially when an opponent did a scry. Use Izzet Charm for weenie removal, as well as counter for noncreature spells. Lightning Strike can also be used, but use them sparingly, only on creatures that might prove to be a bigger threat when left in play. Play Mind Rot for early game advantage.
We should be able to place at least one Goblin Electromancer during our early turns. Negate now becomes a convenient counterspell, as well as Syncopate (which reminds me of Mana Leak, one of my favorite counterspells).
Do target to draw out and play a Rakdos, Lord of Riots on turn 4-6. As soon as this guy is in play, a Lightning Strike would greatly speed up casting of Hypersonic Dragon. If you cannot attack using Goblin Electromancer (probably due to creatures) for the casting cost requirement for Rakdos, cast a Rakdos Charm.
If ever Rakdos is not anywhere near when you are at turn 7, and you have creatures on your hand with higher casting costs, an alternative win condition is to use Blast of Genius, which can easily cast there are at least two Goblin Electromancers in play.
I have added the following for better library management, namely Izzet Charm, Niv-Mizzet, Dracogenius, and Blast of Genius. Still thinking of replacing Lightning Strike with Magma Jet for the scry.
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Neat tricks
Colossal Whale - can be sacrificed for Blast of Genius, can also be the creature to cipher spells with when battling against U decks, since this has Islandwalk
Rakdos Ringleader - continuous discard, hand control
Rakdos Charm - a world of hurt against Master of Waves and other token-based decks, or simply when you just need that extra damage to finish the game, also destroys artifacts
Stolen Identity - copy strong creatures, say Desecration Demon, or Worldspine Wurm
Stolen Identity - when flash is in effect, right after opponent's declaring attackers phase, or your after declaring attackers phase, to copy Rakdos, Lord of Riots, when blocking or blocked by a creature with Lifelink/Deathtouch (lifelink/deathtouch won't resolve)
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Points for discussion
Choosing between Lightning Strike or Magma Jet.
Choosing between Rakdos Ringleader + Colossal Whale, or Mnemonic Wall + Keymaster Rogue for reusable spells, since I will return Mnemonic Wall when Keymaster Rogue enters the battlefield.
Choosing between Mind Rot or Duress. Cannot use Thoughtseize since it is too pricey.