http://tappedout.net/mtg-decks/phenaxs-phat-butt-bches/

https://www.reddit.com/r/EDH/comments/31n6pj/primer_phenaxs_phat_butt_bches/

Important cards:
[[Phenax, God of Deception]] is the engine that drives all the crazy things in this deck. You never want him to become a creature if you can avoid it - he's more than twice as likely to be removed when he becomes active (personal experience). If he's not a creature, then odds are he'll stick around the whole game without issue.
[[Eater of the Dead]] goes semi-infinite with Phenax and is easily the most powerful creature in this deck for most matchups.
[[Intruder Alarm]] makes this deck go into overdrive, and feeds mill, hand destruction, creature removal, everything. With this on the board every time they cast a creature, the game just got 1 turn shorter.
[[Duskmantle Guildmage]] Milling 30 cards is much easier than milling 100. This guy lets you shortcut the game.

Combos and stuff:
[[Eater of the Dead]] is a one-card combo with Phenax. Tap Eater, mill 4 cards, exile a creature, uptap, repeat until they run out of creatures/cards. Either they're crippled beyond all belief, or they're just dead - both are acceptable. Eater will allow you to keep milling even if you hit an Eldrazi, and take all the creatures out of the deck, but the reshuffle will happen before they'll fail to draw. Generally you exile the Eldrazi, let the re-shuffle resolve, then start grinding through their deck again.
[[Intruder Alarm]] + [[Undead Alchemist]] + [[Phenax]] = Mill cards, hit a creature, exile it, get a zombie token, all your stuff untaps, repeat. This will not clear Eldrazi, but it will still clear out most decks pretty quickly.
[[Intruder Alarm]] + [[King Macar the Gold-cursed]] + [[Phenax]] = in response to a creature spell, tap and mill 3 cards. Creature ETBs, King Macar untaps, you exile target creature, get a Gold token. This is a great way to keep their board down, while ramping yourself.
[[Intruder Alarm]] + [[Siren of the Silent Song]] + [[Phenax]] = in response to any creature spell, tap it, they mill one, creature ETBs, untap it, they mill another and discard a card.
[[Intruder Alarm]] + [[Bloodline Keeper]] = infinite 2/2 flying vampires.

The Stack MATTERS!!!
With this deck you'll only play creatures (and the occasional sorcery) on your turn. Everything else - milling, drawing, kill spells, everything, is either in response to something your opponent does, or at the end of their turn. Your combat phase basically doesn't exist. You're going to untap, draw, cast a creature, pass turn. Your turn should take about 10 seconds, because you'll do everything on theirs.
If they Cyclonic Rift or board wipe, respond by tapping things like [[Mortivore]], [[Consuming Aberration]] and [[Nighthowler]] first, then stack your "normal" creatures above them. When Phenax's ability resolves, it re-checks their size (or last known state), so although your Consuming Ab is only 15/15 right now, that extra 7 cards you mill with Wall of Frost, will make him a 22/22 when it's his turn to mill.

Unusual Includes / Questionable cards:
[[Artificer's Hex]] is mainboard because I keep running into Voltron decks, and if Sword of Body and Mind sticks, they're going to run through this deck day and night. Artificers Hex keeps that sword from being useful and lets my walls do their thing.
[[Perplexing Chimera]] is a lot of fun, and a great way to deter people from playing important cards, but I still can't bring myself to replace him mainboard - I probably will some day.
I'm also on the fence about [[True-Name Nemesis]] - he's a great blocker, but crap for mill - one day a wall will come along to replace him, and all will be right with the world.