Even if Waterspout Djinn was Standard it isn't a good decision for this deck because there is little mana. Waterspout Djinn causes you to expend your "Land for turn" step which you really can't afford in a deck with 16 *usable lands. I believe that GrandShadow chose Ruin Ghost as an alternative because apart from tapping your Ghost you can play the effect with no mana cost (exile tapped mana, returns untapped). *Evolving Wilds just lets you find basic land in a crunch so I don't count it as mana because it does not directly effect your mana pool during the turn which it is played.
Permalink
I love this idea. It's functional even if you don't activate the infinite landfall. I'm gathering up the cards for my next Standard night.