Text (DK+errata): 3/4. ; {0}: If ~this~ is tapped, untap it and exile target creature card from a graveyard. [Oracle 2009/07/08]
A "creature card" is a Creature card or Artifact Creature card. [D'Angelo 1999/05/01] Older cards of type Summon are also Creature cards.
The card in the graveyard is removed from the game during resolution. [D'Angelo 1999/08/01]
It untaps during the resolution of its ability. [D'Angelo 1999/08/01]
It is not possible to empty a graveyard of creatures by using this effect repeatedly in one stack of abilities since the ability does nothing if the Eater is not tapped. [D'Angelo 1999/09/20]
It still untaps as normal during untap unless otherwise prevented. The ability is not inhibited by other effects that prevent normal untapping such as Meekstone, Paralyze, Smoke, etc. [Aahz 1994/08/10]
Extended tournaments (see Rule 913) have banned this card since 1999/10/01.
Note - This card was of creature type "Eater" until Oracle 2007/09/01 when it became "Horror".