You can activate "Serial Spell" to copy the effect of a Normal Spell Card, even if it is "Raigeki" or "Soul Exchange" and copying the effect serves no real purpose.
If you chain "Serial Spell" to "Dragged Down into the Grave", the player who activated "Serial Spell" has no cards in hand, so the effect of "Dragged Down into the Grave" is impossible to resolve, and the effect Disappears.
masterwoo0 said:So the scenario doesnt work unless you just want to discard your hand for no apparent reason.