It's called an "A-Set" or "Horns set," and there's literally thousands of actions that teams run out of the initial alignment. The Horns look became pretty popular in the NBA, and is prevelant in the college game as well (Izzo and Krzyzewski have run a lot of Horns stuff). It's similar to a 1-4 high set except the wings are in the corners rather than free-throw line extended, and the posts are a step or two higher off the elbow up lane line extended. Most sets are quick-hitters with specific actions. Typically, you see a lot of dribble handoffs, ball screens, and pin-downs, but you can find Horns sets to get a lot of different looks (post-ups, high-low action, etc.).