Turn 1: Stare at your opponent blankly, possibly while wearing a silly hat. Generally play or fetch a tapped shock. Fetching an appropriate land and using Lightning Bolt or Fatal Push on an opponent's creature is usually also a reasonable play at this point.
Turn 2: Play Liliana's Caress
Turn 3: Play Liliana's Caress or Megrim
Possible Turn 4 Kill Combos (up to 24 damage each):
A) 2x Burning Inquiry
B) 1x Burning Inquiry + 1x Reverberate
C) 1x Blightning + 1x Burning Inquiry
D) 1x Collective Defiance (If the opponent is holding five or more cards)
E) 1x Collective Defiance + 1x Burning Inquiry (up to 40 damage is possible with this one)
Additional possible Kill Combos for turns 5/6:
F) 1x Blightning + 1x Reverberate
G) 2x Blightning
H) Often just a single Burning Inquiry given the other ways to accumulate damage in the first 4/5 turns.
The rest of the cards are primarily there to swat away pesky creatures, but this deck also produces zombies and card advantage from Waste Not. The grindy games that typically result from playing an early Waste Not generally go very well for this deck.
Liliana of the Veil herself holds the board quite nicely in combination with the deck's comprehensive removal suite, as well as contributes to the WinCon through her discard effects.
Collective Defiance is an absolute powerhouse in this build. Even if you are not set up to do massive damage with multiple Liliana's Caress and/or Megrim, Defiance can can refill your hand or produce zombie hordes when played on top of Waste Not in addition to functioning as removal or sometimes even dealing the final direct damage to win the game.
Fatal Push -- I am so freaking glad this card exists. I'm putting it in everything.
The sideboard is set up as a toolbox to deal with specific issues caused by certain unfavorable matchups. Most of it is self-explanitory. I will note that the one-mana disruption spells Inquisition of Kozilek and Thoughtseize, often with the addition of Surgical Extraction, are important to board in against anything that has the ability to reliably disrupt this deck's combos. This can sometimes mean having to anticipate what the opponent is likely to board in, so some knowledge of what various archetypes typically run, whether it is enchantment hate, a heavy disruption suite, life gain, etc. is beneficial.
Hope you all like the deck! Upvotes are appreciated!
Edit: Thank you everyone for all of the valuable input that has helped to improve the deck. We have over 50 comments now, so for the sake of organization, I am archiving the existing discussion. Old comments can still be found on the archived discussion page for this deck.