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Discard your hand, Sacrifice Lion's Eye Diamond: Add three mana of any one color. Activate this ability only any time you could cast an instant.
Or use it with vengevine and madness :) turn 1 you got 2 creatures in play using madness and 1 or more vengevine's depending how many you had in hand :)
(putrid imp, basking rootwalla, gravecrawler, gravescrabbler are all fun with this card and vengevine).
But the most use for me lies in dredge: turn 1 breaktrough: discard hand while breaktrough is on the stack, dredge a lot, flashback faithless looting with the 3 red mana from this card and dredge more! (Like half your deck in your gy in turn 1 works pretty well :))
This goes great with Madness, Threshold, Delirium, Delve, Dredge, Flashback, tutors and reanimator.
Crack this, discarding your hand and enabling Madness triggers. Then use your 3 mana to pay for Madness costs. You could have an Arrogant Wurm in play on turn 1 with this.
You can drop a land, crack this, dump Unburial Rites and a fattie in the graveyard and Flashback Rites bringing that fattie into play on turn 1.
When this card came out, it sucked. There was almost nothing you could do with it. 20 years later, it's a "build-around me" Black Lotus. A lot narrower, but easily breakable.
Play a draw/tutor card, keep priority and crack this in response !