Neoxtreem

This list is very interesting. Some aspects of the popular zoo decks but lots of stuff that is quite different.
Geist is pretty strong, maybe make him a 2 of? You will get the blue mana fetched very easily I believe.

Also how about Steppe Lynx? He synergizes extremely well in zoo decks. Especially in this one because of Knight of the Reliquary.
You could cut some of the Noble Hierarchs for example since you usually want to attack with more than one creature anyways so Exalted won't be of much use. Also you don't really need the ramp since your mana curve is super low anyways.

Ok, you win again :-) Thanks for clearing that up

You're right, sorry. Doesn't have to be cast but it must be played from your hand.

I like this kind of deck a lot because it is so unexpected most of the times.
In my opinion Unburial Rites and Thorough the Breach got too high cmc. As you mentioned in the description you want to pull off your combo as early as possible. Thus I would suggest focusing more on getting Goryo's Vengeance fast.
This can be done by adding Shred Memory which you can transmute into it. There are also some blue or blue/black 2cmc transmute cards, though a monoblack one might be more consistent.
Another problem is Emrakul since you cannot bring him back from the graveyard (he will always be shuffeled back into the library). A powerful red legendary creature which you can also exile for Fury of the Horde would be helpful instead.
Also you only have one option to discard Griselbrand (Faithless Looting). Maybe there are more option for discard.
I hope this helps. As I said, I like the idea of this decks. However I feel like there is room for improvement.

Edit:
Examples for suitable red legendaries:
Myojin of Infinite Rage (destroy all lands, opponent won't be able to deal with him)
Nicol Bolas (opponent loses his hand!)
Thraximundar

I strongly recommend Nicol Bolas.

However it needs 2 mana each time you want to use it.

I suggest adding Judge's Familiar instead of Nivmagus Elemental. You only have 4 spells to trigger the elemental, thus the owl will come in more useful most of the time. I know it is used in every mono blue deck around, but obviously for a good reason.

You forgot the Steam Vents ;-) Makes it 10 mountains in here.

Go for Basilisk Collar for deathtouch! Also great combined with Goblin Shaprshooter for total board control.
Anyways, I do like those ping creatures.

I would suggest adding the U/W scry land (Temple of Enlightenment). For your mana base it is more useful than the R/W one imo. Also for control overall it will help you a lot.

Try out Nim Deathmantle. Infinite mana combined with Composite Golem!

Thanks for showing me all the nice cards I missed because I didn't play Magic when Alara was standard ;-)
Bazaar Trader really looks fun, the way you use him here is amazing.

wow didn't see that. Somehow I automatically assume a mill deck is made for Modern. You're absolutely right of course.
How about the other suggestions?

I find Sowing Salt sb quite interesting, haven't seen it in Modern so far.
I can imagine removing 4 copies of a dual land in a deck that relies heavily on those will have a strong impact. Also you get to look at your opponent's hand and library which is huge.

How about Dismember instead of Sudden Death? It is not necessary to have 2B open for it and it is a bit stronger.

I'd suggest Glimpse the Unthinkable. For this deck it is plain better than Breaking.
Maybe Doorkeeper over Murmuring Phantasm since it does not need Phenax on the board to mill.
I also like Hover Barrier because it can block fliers. Might be an alternative to Murmuring Phantasm as well though it has higher cmc.

Otherwise, interesting choice of cards. I hate Phenax since he destroyed me in BotG prerelease.
Hope this was helpful ;-)

Edit: I like the tags.

Ok gotcha ;-)

Some Blinkmoth and Inkmoth Nexus would fit well in here. Also Darksteel Citadel...
Of course, Glimmervoid would be even better since it can generate both U and W. With this you could cut down on the basic lands.

I like Merfolk a lot, used to play standard Merfolk wenn Lorwyn was released.
Unfortunately there are so few viable Merfolk in Theros right now :(

To make Master of Waves stronger I would suggest adding more blue cards.
Maybe Claustrophobia. Ordeal of Thassa could also be useful.
Also I found Urban Burgeoning quite useless to be useless to be honest.
For playing Triton Tactics you can also use Kiora's follower to untap a land.

Another suggestion would be Mutavault of course :)

Temple of Mystery
Kiora, the crashing Wave as suggested by Aetherlingling

True that. For that I would go for one more mountain maybe.

How about Titan's Strength instead of Rubblebelt Maaka? It seems like you won't hardcast the Maaka anyways, thus the Scry 1 could be helpful.

Some suggestions to make Xathrid more useful in here:
Ash Zealot (two devotion, maybe more of a sideboard card)
Gore-House Chainwalker (cheaper than Splatter Thug, no first strike though)

As commented before, Phurphoros mainboard would really be strong since you have so many creatures.