Along with the cascade from The First Sliver, Homing Sliver gives slivers in its controllers' hand slivercycling 3, which lets its controller discard that card and search their library for another sliver and put it into their hand
(The vowels are A, E, I, O, U, and Y.) This creature's enters-the-battlefield ability goes on the stack without any targets
The last ability you put on the stack will be the first one to resolve (As a result, you can have those abilities resolve in the order of your choosing.)
For example, an ability that triggers "whenever you sacrifice a creature" triggers only once
So, it's sort of like adding it to your second hand
Yes, that dream could happen