We can do that
The deck features enter the battlefield triggers including graveyard hate (Angel of Finality), Bolster (Anafenza), artifact/enchantment removal (Angel of the Ruins), creature tokens (Blade Splicer, Emeria Angel, Regal Caracal), flicker (Charming Prince, Restoration Angel, Flickerwisp), reanimate (Emeria Shepherd, Karmic Guide, Sun Titan), venture (Nadaar, Radiant Solar), fetch (Solemn Simulacrum, Ambitious Farmhand), creature removal, life gain, and much much more
For as long as it remains exiled, you may play it, and mana of any type can be spent to cast that spell
While that is surely strong, it might be the Warmasters triggered ability that is truly special, as you get to create a 1/1 Elf Warrior token (once per turn) whenever an Elf joins your side of the battlefield
This red instant combines efficient, instant speed removal with a discard outlet, often letting you cast a madness card