World Twister
2UUBB
-Legendary Enchantment-
At the beginning of your upkeep you lose 4 life.
Player's cannot lose the game due to drawing from an empty library.
If a player would discard a card, instead that player chooses one - Remove it from the game, put it into their graveyard, or put it on bottom of their library.
At the end of each players turn, that player sets aside all cards in his or her hand, draw cards equal to the number of cards in his or her library, then put all cards removed from the game on top of his or her library, then remove all cards in his or her graveyard from the game, then discard down to 7 cards, and put the cards set aside into his or her graveyard. That player then shuffles his or her library.
I think this would work the way you'd want it to work, but I also think it's too freaky to ever be printed.
My suggestion would be:
World Twister
2UUBB
-Legendary Enchantment-
At the beginning of your upkeep you lose 4 life.
Player's cannot lose the game due to drawing from an empty library.
If a player would discard a card, instead that player chooses one - Remove it from the game, put it into their graveyard, or put it on bottom of their library.
At the end of each players turn, that player shuffles all cards in his or her graveyard into his or her library, then he or she sets aside all cards in his or her hand and draw cards equal to the number of cards in his or her library, then he or she discards down to 7 cards, and puts the cards set aside into his or her graveyard.
I would leave out the removed cards, because they are removed for a reason!

Now you're also able to stack your library, which makes this a bit more broken!