Text (PC): Change the target of target spell with a single target. You lose life equal to that spell's converted mana cost.
If there are no other legal targets, the target does not change but you still lose the life. [Planar Chaos FAQ 2006/12/13]
If a spell targets multiple things, you cannot use this spell on it even if all the other targets have become illegal. [Planar Chaos FAQ 2006/12/13]
If a spell targets the same thing multiple times, you cannot use this spell on it. [Planar Chaos FAQ 2006/12/13]
If you change a spell to target this spell, this spell will resolve first and leave that spell having an illegal target when it resolves. [Planar Chaos FAQ 2006/12/13]
A spell cannot target itself. [D'Angelo 2007/01/31]