1) have 5 available mana, preferably red and the guildmage in play.
2) play lava spike, splicing desperate ritual (u will use 3 mana, but the spell cost is still one red mana of the lava spike. Read further on Splicing in composite rules)
3) use the remaining 2 mana to play the desperate ritual itself and let it resolve. DO NOT LET THE LAVA SPIKE + SPLICED DESPERATE RITUAL spell resolve!
4) Now u have 3 mana from desperate ritual. use the 3 mana to activate Izzet GM's sorcery copy ability, copying THE ORIGINAL LAVA SPIKE + SPLICED RITUAL.
5) now u have one COPY on the stack, and the ORIGINAL underneath.
6) let the COPY resolve, doing 3 dmg and adding 3 mana from spliced desperate ritual!! DO NOT LET THE ORIGINAL COPY RESOLVE!
7) from your new and fresh 3 red mana, use Izzet GM's ability again....
... and again...
till u feel warm and fuzzy inside!
the swiftblade have 1 FIRST STRIKE dmg in First Strike dmg phase.... and then ANOTHER 1 dmg in the Normal dmg phase. It can kill a 2/1 creature and does not die coz it does 1 first strike dmg. It can kill a 2/2 creature but dies coz it does 1 first strike dmg and 1 normal dmg. it can deal 2 dmg if it hits a player (1 first strike dmg and 1 normal dmg).
a shortform of 'attacking does not cause it to tap'... u should know wat it does..

added:
just check MTG.com site, the combo is CERTIFIED by John Carter. HAH!!!!
if this works then there r plenty more arcane spell that can work like it... but can plz link me to the official link that shows this does work...