Using this card's effect, select "Yubel - The Ultimate Nightmare" to destroy any one monster your opponent controls. They will take damage due to the effect of "Ultimate Nightmare".
Combine with the "Inferno Reckless Summon" tip above if there are multiple copies of "Ultimate Nightmare" in your Graveyard. This also forces monsters onto the opponent's field for them to destroy; with three "Ultimate Nightmares" in the grave, it can even be a One Turn Kill if the monsters have enough ATK.
Alternatively, this card is great for quickly getting out strong "LV" monsters that require a monster to be destroyed by battle with a lower "LV" monster in order to Summon it, such as "Horus the Black Flame Dragon LV8" or "Armed Dragon LV7". Have a lower "LV" monster in the Graveyard, then use this card to copy that monster's effect for the turn. Once the requirements is satisfied, this card can be level-up during the End Phase, and get the higher "LV" monster from your hand or Deck.
Another strategy is to use this card's effect to copy and abuse the effect of "Dark Armed Dragon" in your Graveyard.
Equip this card with "Mist Body" so it won't be destroyed by battle when its ATK goes back to 0 at the End Phase. This combo also goes well with "Spirit Barrier", so any battle damage won't be taken when this card gets attacked. Using "Astral Barrier" will prevent battle damage and your opponent won't be able to destroy "Phantom of Chaos" with effects such as "Sasuke Samurai 4".
Use this card's effect to copy a powerful Spirit monster, and then, during the End Phase, either choose to have "Phantom of Chaos" lose the Spirit monster's effect or to return it to your hand. However, this only works on the turn that "Phantom of Chaos" was Normal Summoned or flipedface-up.
In a "Hopeless Dragon" Deck, use this card to copy the effect of "The Dark Creator", preferably after sending it to the Graveyard with "Trade-In", and Special Summoning "Red-Eyes Darkness Metal Dragon". Then use the effect of "Red-Eyes" to Special Summon "Infernal Dragon". When "Infernal Dragon" destroys itself after attacking, Tribute this card to revive it and prevent your opponent from attacking this card to inflict a large amount of damage.
Use this card to copy "Darklord Zerato" and "Phantom of Chaos" will be destroyed during the End Phase, so the disadvantage of having a monster with 0 ATK left on your field can be avoided.
Target "King of the Skull Servants" in your Graveyard and banish it, then discard a "Wightmare" to Special Summon the "King of the Skull Servants" that was just banished. This way there will be another "Wight" monster in your Graveyard and "Phantom of Chaos" will becomes "King of the Skull Servants" to deal with your opponent's monsters and possibly scout out any Traps to save your real "King of the Skull Servants".
Copy the effect of "Gagaga Magician" to circumvent its Synchro Summoning restrictions and change its Level for an easy Synchro Summon.
This card is great in a "A-to-Z" Deck as it allows yourself to both use this card as Fusion Material for "VWXYZ-Dragon Catapult Cannon" and banish "XYZ-Dragon Cannon" as it cannot be Special Summoned from the Graveyard, but can be Special Summoned from the Banished Zone.
"The Winged Dragon of Ra - Sphere Mode" can be banished from your Graveyard with this card's effect, and then Tribute this card after doing so to Special Summon "The Winged Dragon of Ra" with 4000 ATK and DEF. This combo can be used after directly sending "Sphere Mode" to your Graveyard without Summoning it, eliminating the need to Tribute 3 monsters to Normal Summon "Sphere Mode". Alternatively, if "Sphere Mode" is Tributed to Summon "Ra", this combo can be used to Special Summon another copy of "Ra" with high ATK and DEF. This combo can also provide yourself with another chance to Summon "Ra" if your opponent somehow gets rid of "Sphere Mode" before this combo can do so.