If your opponent has a strong monster on their side of the field, you can use "Dimensionhole" to banish it until your next Standby Phase. During your Standby Phase, after it returns to the field, it can level up to "Armed Dragon LV5". Alternatively, you can Set "Interdimensional Matter Transporter" and use it on your opponent's turn for the same result, or even "Slip of Fortune" if your monster is attacked.
Special Summon this card using the effect of "Masked Dragon" or "Flying Kamakiri #1" on your opponent's turn so on your Standby Phase you can Special Summon "Armed Dragon LV5".
Special Summon this card during your Draw Phase with the Graveyard effect of "Destiny HERO - Dasher" and you can level it up during the Standby Phase immediately afterwards.
During your Standby Phase that you sent "Armed Dragon LV3" to the Graveyard, and you have a Set "Call of the Haunted", you activate your Set card to revive your "Armed Dragon", and then use it's effect to Special Summon a second "Armed Dragon LV5" from your deck.