This combo causes an opponent to be unable to cast spells to any effect, save for spells cast from any zone other than the hand.
The curse restricts them to only one spell cast each turn. If they cast a spell from their hand, it'll be exiled by Possibility Storm and they'll exile from the top of their library until they exile a card that shares a card type. Since Possibility Storm has you cast the exiled card, the player will be unable to do so and has to put it on the bottom of their library along with all of the other exiled cards.