Velomachus says to cast an instant or sorcery spell from the top seven. If it said "instant or sorcery card", you'd be right.
Even that isn't the full picture; play/cast permissions describe the object on the stack, so it would still be fine to cast Chop Down if it said "you may cast and instant or sorcery card..." as it would be an instant card on the stack. If it said "you may choose an instant or sorcery card... you may cast that card", then you wouldn't be able to pick Giant Killer, as "choose" will refer to the object in your library (which is not an instant card). #wotc_staff