The problem is Ken your wife is ignoring all of this advice above and acting on what she feels like doing. It is the behaviuor of a child. Children that act that way are dangerous and should NOT have responsabilities under them until they CAN act responsibly.
Protect yourself and your children from her until she can do so.
All of the above is great advice, but your wife isn't recognizing any of it. So, she gets a time out and you and yoru family are safe until she comes to her senses... which is HER choice... she can come back at any time so long as she recognizes that her family are first priority and deserve her respect, not derision.