Hi,
You would have to check with your doctor for a diagnosis if any, but it does sound like Colic, also what 'Mom of 2' said.
I know myself because I went through it for 3 months with my son.....he cried for hours on end during the day and evening. Colic does not sometimes emerge until the baby is a couple of weeks old.....with my son it started when he was about a week and a half.
We had him on all types of formula, eventually staying on Alimentum which is similar to Nutramigen because it is hypoallergenic. We found the Alimentum to make little or no difference.
Check with your doctor because he may have a milk allergy and have to go on Soy formula......but that is rare.
If your wife is breastfeeding it may be something in her diet.
Although with all the current research on colic they are starting to think it has nothing to do with gas, etc. but the so called "wiring of a baby's brain"and that some babies cannot handle all the environmental stimuli around them right away.
If it does turn out to be colic and things get really bad, get all the help you can from family and friends. If the baby is crying and you need a 10 minute break from holding/rocking put the baby in a safe place like his/her crib.
Things that worked for us to soothe and quiet our son was rocking him, singing to him, you can try swaddling him/her, running the dishwasher over and over(no kidding with this one......the sound would soothe him to sleep), the sound of the hair dryer running, we even bought a CD with the sound of the maternal heartbeat, a vacuum cleaner, car wipers, etc.
We tried and did everything. We even went for car rides at midnight just to get him to calm down sometimes. We survivied and I never would have made it through that rough time without the support of my husband, and family.
Good luck and hang in there.

Here is a great site for you and lots of info on colic
http://www.child.com/pregnancy_baby/bab ... _colic.jsp