It's not possible to pay {X}{X}{2}{U} and activate both abilities of Folio of Fancies. You'll need to find a way to untap it to activate both abilities during one turn.

To pay {X}{X}, choose a value for X, and pay twice that much mana.

If a player has fewer than X cards in their library, that player loses the game after the first ability of Folio of Fancies resolves. If each player loses the game this way, the game is a draw.