Text (SA): Reveal the top card of your library and put that card into your hand. You lose life equal to its converted mana cost. You may repeat this process any number of times.
You decide whether or not to repeat after revealing the card and losing the life. [Shards of Alara FAQ 2008/09/23]
You can continue to use the ability even after your life total reaches zero or less. Once you stop, you'll lose the game as a state-based effect before you can take any actions. [Shards of Alara FAQ 2008/09/23]