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This is an awesome strategy, I like it a lot because, chances are people will not have much cloak detection when you are ready to attack. The big key to making this work is constant scouting.
First build 7 SCV's and with the 7th build a supply depot. Then build another SCV, and have him mine. When your supply depot is done you should have 150 minerals and with the worker that built your supply depot build a barracks. Then build another SCV and with him build a refinary. Build 3 more SCV's, the first one put onto your minerals, and the last two put into your refinary for gas. Once your barracks is done I would suggest building a bunker and 2 marines. Continue making SCV's through this entire time. Once that is all done you should have enough money for a factory. During the building time of your factory, I would suggest building a supply depot as well as 3 marines. 2 marines go into your bunker and the 3rd you use to scout with. Once your Factory is done immediately put up to 2 Starports. Use the SCV from your Factory and an SCV from your minerals to the build the Starport. During the building of those starports get another starport. Continue to build supply depots throughtout this time too. Then once your first two Starports are done, get the add-on for one of them and for the other begin building a wraith. Once the add-on is complete immediately begin upgrading for cloak, and as soon as possible get a Wraith. After that just keep pumping out Wraiths out of your 3 Starports. If you have enough extra money build a 4th Starport. Once you have between 8 and 12 Wraiths attack by going straight for their workers. Make sure to cloak once you get there.
I find that this is an excellent strategy especially in regular Starcraft, because people are not as worried about cloaked units. In Brood War, one of the first buildings people put up are detection buildings (Cannons and turrets) so it may not be as effective in Brood War. Against Zerg I would suggest going straight for the Overlords first, and then the units because Wraiths take out air very quickly.