Many Panths are played like glass cannons this is a little bit of a switch
Summoner Spells:

Flash:its not only a good escape but an awesome initiator.
Ghost:Like i say in my other builds its my favorite summoner spell

Pros:
Amazing dmg
Ulti that teleports you anywhere on the map
Stun
Great harasser
Blocks an auto attack every 4 hits

Cons:
Squishy
Endgame isn't the greatest
Ulti is used more as a teleport then dmg

Core items:

Youmuu's Ghost Blade: The active is good the Dmg,cdr, crit.

Blood Thirster:Amazing dmg and Lifesteal.

Banshee's Veil:Great HP and mana some MR and absorbs an ability.

Frozen Malet: Gives dmg lots of HP and a Slow now nobody will get away from you

Secondary items:

Hexdrinker: If they have lots of AP users this is a good item specially early game this will save your life many times over.

Sword of the Occult:Like all other snowball items very situational but not reliable.

Black Cleave:Going against tanks stacking lots of Armor.

Last Whisper:Also for goign against tanks stacking lots of armor.

Early Game- Try to get mid. You wanna grab Doran's blade with the mana regen Runes by level 6 any other mana items like like Chalice or Manamune will become overkill. Harass all that you can i usually wait till i get 2 points into the spear. So just last hit get your gold get another dorans blade and Tier 1 boots Tier 2 if you have the gold.



Mid Game- You should have your Youmuu's by now witch is an awesome item also the Catalyst.Also Grab a red pot. You should be ganking using your ult everytime you see a good kill. Then get the B.F. Sword

Late Game- You should have the Bloodthirster, Banshee veil, and at least your phage by now. Now not only are you gonna be hitting hard you wont be as squishy as most panths you will have survivability and Good dmg.

Now dont forget elixers are awesome. Heart seeker strike is a waste of an ability to me i only get it for its passive you will do much more dmg just auto attacking then trying to HSS. since your maxing your Spear and Stun First you. Spear, Stun, Auto, Spear is huge burst instantly.

I will have videos and Screen shots of my games within the next few weeks.

Want a Amazing Grag build.

http://www.mobafire.com/league-of-legends/build/the-invincible-drunk-34031

The Ultimate Nasus Build.

http://www.mobafire.com/league-of-legends/build/the-ultimate-nasus-surv-dmg-35069

AP MF build not as good since her ult and Make it rain nerfs but here it is.

http://www.mobafire.com/league-of-legends/build/make-it-rain-17352