So far im dissapointed about this thread because i have always like sharpedo and i cant helped to notice the fact some people here even consider to rely on sharpedo´s defensive skills (lol) when clearly hes meant to tear down his enemys and anyway has pitiful defenses, but unlike Smithster,Fisdunction and wynought (for his Scarier Pope set) the other sets from MF houndoom, Pkmn-Taicho, GtM and wynought (for his first pope set) are good, plus sharpedo is always better used as a mixed sweeper.
Now i will place some sets of my own that have potential, but before going into them i want to make clear that; this gen 5 priority will be a big issue (as you may already know) and therefore when using Sharpedo (considering its low HP and defenses) you should always pair him with a slow U-turner, Volt Changer or Baton passer or take him out on a switch or when your opponent ko´s one of your pokes. Also it should never be defending and always must be taken out of the field in case there is a chance of him getting hit by priority moves before you can kill them.
Shark Lead3r
Focus Sash/Speed Boost
Mild/Rash
184 Atk/172 Spa/152 Spe
Hydro Pump/Surf/
Earthquake/Crunch
Hp Grass/Protect/Taunt
Ice Beam
This set requires a bit of prediction to work since it will be performing as a lead and its purpose its to stay on the field and deal as much damage as he can. This moveset provides him with good coverage between ice and ground moves and water makes it perfect to hit nearly every type combination, with the exceptions of Water/ground but you can run hidden power grass over protect (since it has focus sash) if that typing will be an issue for your team or even taunt to avoid rocks and stuff. If you dislike Hydro Pump´s accuracy run Surf, Protect is where you will mostly need prediction when facing a fake out leads, opponent switches etc.
The evs are designed to OHKO or Two KO on switches most of the pokemon weak to water/ice/ground or dark, with the spe evs after one speed boost it reaches a speed stat of 296 outpacing Aerodactyl and friends and hitting 528 spe after a second which is pretty much of the metagame, but if you consider 264 its too much speed for UU play like (considering speed boost) then give him 72 spe evs which reaches a stat of 244 spe and after a speed boost outruns 115 base spe pokemon such as ambipom, starmie etc. and spend the rest of the evs on the prefer stat.
Revenger Shark
Choice Band/Speed Boost
Adamant
252 Atk/252 Spe
Aqua Jet/Ice Fang
Retribution/Earthquake
Waterfall
Crunch
This is the tipical Choiced Revenge killer which you will be taking in and out (as i mentioned before with a slow u-turn, Volt Change or baton pass partner or after a switch or if one of your pokes faints) this set will greatly apreciatte entry hazards, as they ensure the kills of some pokemon that may not be OHKO by sharpedo itself, aswell as taking care of already weak pokemon with priority.
This set also has good type coverage. Retribution its there to ohko back an opponents pokemon if they Killed one of your own last turn (assuming retribution´s power is doubled after that condition (x2)) Crunch its there for stab and defense lowering and also to OHko ghosts (specially burungeru) but beware of fighting types switching on this (specially Justice Heart ones) Waterfall its for stab and also provides flinching and aqua jet to finish off the already weak pokemon and + rain deals more damage. The speed its maxed but if you think all that speed its not needed then give it the same speed as the set before this one and give the remaining evs to any other stat, i dont think this needs more explaining.
Jaws III: Terror of the Seas
Life Orb/Speed Boost
Naughty/Lonely
132 Atk/224 Spa/152 Spe
Hydro Pump/Surf/Boiled Water/Brine
Crunch/Earthquake
Hp grass/Waterfall/Aqua Jet
Ice Beam
This set plays exactly like the mixed set did last gen in UU (All out offensive) but its even more powerful now since it has speed boost (not to mention the permanent rain now) and does not need to invest more than the 152 evs in speed (which also outruns breelom without speed boost or a +nature) and by carrying life orb you can pretty much know how devastating this set can be if played correctly. Same great coverage as before, surf over hydro pump because of accuracy, Boiled water for support and brine considering after you get down to half Hp because of life orb (with a pair IV) its more powerful and has more accuracy than Hydro Pump, if you choose Brine then run Earthquake over crunch since you get good coverage between ice/ground until your Hp gets down to half, brine two kos in switches anyway.
Crunch its to handle blissey, psychics and ghosts mostly aswell for stab purposes and defense drops after switches. Hp grass is mainly to handle Quagsire, Gamageroge, Swampert, Whiscash and Gastrodon who otherwise are difficult to kill sometimes, but if they are not a concern to you then fell free to run waterfall for a more reliable damage output (not to mention the flinch rate) or even run Aqua jet for priority purposes. Last but not least Ice beam to cover the remaining pokemon that need to be hit such as Zapdos, most dragons, grass types for super efective damage and so on.
i will not add a Specs set cuz i really dont care about that one, xD ill leave it to someone else.