Improved Alacrity
(Alteration, Metamagic)

Range:  0
Components:  V, S, M
Duration:  3 rounds per level
Casting Time:  7
Area of Effect:  Creature touched
Saving Throw:  None

This spell is an improved version of alacrity. It reduces the casting time of all spells up to and including seventh level by half (round down if an initiative modifier unless below 1). Casting times of 1 round are reduced to an initiative modifier of 5; casting times of more than 2 rounds are halved with any fraction giving the modifier in the last round of casting (a 7th-level spell with 7 rounds of casting is affected, it has 3 full rounds of casting with an additional modifier of 5 in the fourth round). It is not possible to reduce casting times to zero with this spell, but it might be combined with other time reducing spells. Any spells up to seventh level cast during the duration of this spell are affected by the reduction of casting time. It is not possible to affect more than one spell per round with this spell. Thus, even if speed casting is used, only one of the two spells may be reduced in its effective casting time (but it might be halved and then reduced by 2 for the speed casting).
The material components is one hour glass which was created by mistake so that its sands run a lot faster than normal (lets say by a factor of 10 minimum). This hour glass has to be made from diamonds so it costs no less than 5000 gp.

