This is obviously a very casual deck.  It is like 2/10 on competitiveness.

The main way to play it is drop lands.  Then more lands.  Then Taniwha.  When Taniwha is phased out, you can bounce the board with one of the effects in the deck.  When Taniwha is phased in, you float all your mana during upkeep , then cast Sunder once your lands are phased out and hopefull set your opponents back.

There is a lot of 1-for-1 removal, and a few areas of card advantage.  This is mearly a cheap, gimmicky way to play mono-blue and not be hated.

The counter magic (Time Stop included) is there to protect Taniwha, or keep others from getting that critical spell.

Then there is card filtering/draw.

The back-up plan is to suspend a creature and wreak havoc on the board before it comes in.  They effectively are back -up Taniwha(s).

The Mystical Tutor being one of the costlier cards, is somewhat necessary, as there are only a few game-changing spells in your deck.  If cost is an issue, cut the Reliquary Tower first. 

Phasing FAQ:
When an object is Phased Out, it is treated as if it never existed

When it Phases In, it will not trigger enters battlefield triggers.

Equipment, Counters, Auras, etc will all Phase Out with the permanent and return in the exact way they left.

Phasing happens at the beginning of the Untap Step, before things untap.  If something like Sands of Time is in play, there is no Phasing In.