Text (MM+errata): For each 1 damage that would be dealt to a player, that player exiles the top card of his or her library instead. [Oracle 2009/07/08]
If you have no cards in your library, then damage done to you will have no effect since it will get changed into a removal that cannot happen. [MM FAQ 1999/09/22]
The ability affects all players. [D'Angelo 2001/03/12]
