There's a typo on the white card. Also, I think the black one may be too powerful as it is. Not sure where you could go with it, perhaps each player discards a random card from their hand at the end of their turn? Or even better, at the start of their upkeep, so they don't know yet what they'll draw!
Examples of some of the themes for each color...I'll update as I think of them.
Mana Reaction 

Enchantment
Each time an opponent is damaged by mana burn, add a counter here.
X: Remove X counters from here, Mana Reaction deals X damage to target player and target creature that player controls.
It should read "each time an opponent manaburns...". Other than that, well, it sucks. Seriously, check Helix Pinnacle, and THAT sucks too, but is otherwise doable in a dedicated deck. This one is simply... well, I can see this doing MAYBE 1-2 damage in a given game. That's a lot of investment for this effect. I don't think manaburn is an area worth investing this much thought, perhaps you could make a 1-mana red enchantment that read: "If a player manaburns, sacrifice this to have it deal 5 damage to that player". This would be possible to play, would be true to red's chaotic nature (YOU could be the one to manaburn) and would be cool as #$&*@!, although it STILL would suck. But it's a possibility of exploring the design space
Shadow Reaper 1

Creature- Elemental
2/1
Vengeance- Each time a black creature is placed in the graveyard from play, add a vengeace counter to Shadow Reaper. Whenever Shadow Reaper deals combat damage to a player, remove all vengeance counters from it. That player discards a card from hand for each counter removed this way.
Hypnotic specter is better, I think you could give Fear to it. Or lower the cost to 
and making it a 2/2. I would probably go for making it a 
2/1 creature with Fear, but this might prove to be too much, depends on how abusable is the ability to sacrifice creatures.
Devastating Reprisals 2

Enchantment - Aura
Enchant red creature.
Enchanted creature has "Vengeance- Whenever a red creature is placed in the graveyard from play, add a vengeance counter to this creature. Whenever this creature deals combat damage to a player, remove all vengeance counters from it. Each player sacrifices a land for each counter removed this way.
X,
: Remove X vengeance counters from this creature. Place target red creature in your graveyard with converted mana cost X on top of your library."
Costs WAY too much for its effect to matter. Land destruction is only good if you can keep up with it early enough, or if you can wipe the board clean of creatures easily (usually on your opponent's side only, of course). And I didn't like the second effect one bit on a red card. I also think it could be a creature instead of an aura.
As a general thought, I've been thinking about
vengeance, and I think the creature should come into play with X
vengeance counters where X is the number of creatures of that color in it's controller's graveyard, instead of counting on other creatures biting the dust while it's in play. I think it would end up playing better, and making more sense.
For instance, let's take the red card above. Say you're playing an aggressive red deck, and your opponent Wraths. He killed 5 of your creatures, and the board is empty, you're both at 4 lands. You tap your lands, pay 4 and play the red card (now a creature), and it's a 3/3 (or 4/4) with haste. It comes into play, smashes, blows up every land, and that's it, the board is now REALLY empty, but you've got a 3/3 (or 4/4) beater to boot. How cool does THIS sound?