NotActuallyTim
First Post
Sheer boredom can actually account for a lot of really, really stupid decisions. You already know what it does, but really, what have you got to lose? 

Most of the effects are beneficial, or at worst harmless. Going down the list, you have a 5% chance of stunning yourself for a round, an 8% chance of casting enlarge/reduce on the wrong team, and 5% chance of blinding yourself and everyone within 30 feet (save ends). That's a mere 18% chance of backfire, most of which are subject to a Con save, so that's really not so bad.
I do wish Wild Magic sorcerers of a certain level could roll twice and pick the result (the way they can when rolling a wild magic surge).
What I've come up with is a wand that serves mostly as an enhanced arcane focus. It can do random good things for the spells you cast. It might raise the effective level by 1. It might grand disadvantage to the save. Etc.
But on occasion (average 1 time in 6), it has to rid itself of the excess magic and probability it's built up, and does so by creating a wand of wonder effect.