I've got a good friend who plays this way - and to some extend - it's rubbed off on me a little bit.
Ussually this player plays very recklessly looking for fold equity where he can get it. He'll raise with hands like 62s and fold stuff like J2s - and of course a flop that comes A62 when you have AK is not looking food for you against this guy.
I noticed in my friend's play from a few sessions I was on the rail on - his bet sizes do change with his holdings. For instance, homeboy won't go all in on the river without the percieved nuts - but that doesn't mean he won't bet the river hard if he thinks you're folding.
Leave the table, or adjust your game to counter him.
At a live cash game, the closest I've come to this was a villain who would raise $20 blind EVERY hand, and he was sucking out - but the smart players sat and waited for hands. I got QQ on hand, called the $3 BB, he raised to $20, I called. The flop came low, he asked if I wanted to check it down (like we're playing Bingo or something.) I told him to "Play your hand, dude." He bet out $60, I reraised all-in, and he folded his shit hand.
Next hand he does it agian, another player has QQ (and a deeper stack than me), and even our villain - and makes the exact same play. Our villain calls the all-in on the flop (of course my QQ wasn't exposed on the first hand) - and stacks our villain.
If you can't wait a few orbits for a decent PP to come after this guy and teach him a lesson - then go to another table. But you have to be able to wait, and then have to have him not get lucky.
Also, try to tilt this guy. The reckless style of play leads for big swings - both up and down - and requires a lot of attention. He's probably playing a max of 3 tables and his focusing his attention on this one. When he takes a big loss he'll be pissed off and start getting his money in bad more and more.