Budget Izzet. Focuses on keeping the opponent's creatures useless or returning them to their hand.
Card usage:
Disperse: While Voyage's End offers scry, Disperse is useful against artifacts and enchantments. I could use cyclonic Rift, but I almost never have enough land to use it's overload and Disperse is much less expensive. If I ever get Cyclonic Rift I will put it in because there are a few instances where I get enough land, but it is rare.
Izzet Charm: Card cycling to get to creatures or Armed/Dangerous, spell countering (great against Sphinx's Revelation and Rakdos's Return), and chump blocker removal? I'll take it.
Lightning Strike: Instant for Nivix Cyclops and Fluxcharger, and some damage.
Shock: See description for Lightning Strike.
Steam Augury: I tend to play out my hand very quickly, and this reverse Fact or Fiction fills it back up. I just split the cards I actually want into two different piles, and put only one card with the card I really want and two cards with the other. Either I get a very useful card and a land/cheap instant, or a useful card with two lands/cheap instants. This card is excellent.
Voyage's End: Temporary Creature removal with scry, and it works against Mutavault. I like it.
Armed / Dangerous: This card is amazing. It turns Fluxcharger into a 12 damage flying, and if you play it and one other instant sorcery Nivix Cyclops becomes a 16 damage threat. If you couple it with Teleportal Nivix Cyclops becomes an 18 damage unblockable game-ender. This card is essential.
Teleportal: Good for pumping Nivix Cyclops and Fluxcharger, and the unblockable is awesome. In rare situations the mass unblockable is useful, though that is just an added bonus. Even without it I would still run this card.
Fluxcharger: Good blocker when it isn't my turn, good attacker when it is. Flying, so usually it can't be blocked.
Frostburn Weird: Like Fluxcharger without flying that can be played earlier in the game.
Nivix Cyclops: Like Fluxcharger without flying but it can be pumped as many times as you want, not just once.
Island: Well this should be self explanatory.
Mountain: See description for Island.
Sideboard Description:
Dissolve: In case my opponent is going blue control, this is nice to keep myself from being controlled. BONUS POINTS: Scry!
Electrickery: Useful against some token decks like Master of Waves or Young Pyromancer, and a few aggro decks with a bunch of 2/1 creatures.
Guttersnipe: I'll be honest, I'm not quite sure why he is here. In case I feel like I need more creatures?
Izzet Staticaster: Like Electrickery, but is also a chump blocker.
Lightning Strike: If I need that extra burn, it is here.
Shock: See description for Lightning Strike.