My wife, who just started playing M:tG recently, wanted to build a burn/flying deck called "Fire in the Sky," so I decided to create this one to go along with it. "Smoke" because of the counters/bounces/removal, and "Water" because nearly every creature has Islandwalk, and you've got four cards capable of giving your opponent an Island if necessary.
It was created under our stipulation that if we had to buy singles to create a deck, we weren't allowed to spend more than $25 on them. I originally wanted to run 4x Lord of Atlantis, but that wasn't in the budget, so I swapped in a couple of Grayscaled Gharial just to have some more Islandwalking one-drops.
Chasm Skulker accounted for the biggest financial cost in this deck aside from the Lords, but combined with Cold-Eyed Selkie, Disrupt, and Arcane Denial which all provide card draw, you could quickly end up with a pretty big critter for . It doesn't have Islandwalk, but when it dies it puts out a bunch of 1/1 tokens that do. By the time you embiggen it to that point, you may even want it to die so you'll have some chump blockers to stave off anything that your opponent managed to keep on the board long enough to attack.
Don't forget that you can use Arcane Denial to counter one of your OWN spells for a 3-card draw during the next upkeep!
I used Frost Marsh simply because I already had four of them and no better multi-color lands available for B/U. Drowned Catacomb would certainly be better, and it's not crazy expensive... it just didn't fit in the budget.
If you're going to sideboard, there are much better removal options than Murder. I just used those because I wanted to be able to target any color creature and, again, they fit in the budget. There are also probably better bounce and counterspell options, but they can get pretty pricey. And I already had 4x Recoil, so that brought costs down a bit.
The only cards here that cost more than CMC 3 are Benthic Djinn and Wrexial, the Risen Deep. I don't expect that they'll get cast very often in this deck, but if you're at a point where you can, you may need something big on the table.
