Text (SM+errata): 1/4, Flying. ; {1}{U},{Untap}: Target opponent exiles the top card of his or her library. Until end of turn, you may play that card. [Oracle 2009/07/08]
Untapping a creature does not remove it from combat. [D'Angelo 2008/05/17]
You play the card using all the same rules you would use if playing it from your hand. [Shadowmoor FAQ 2008/04/21]
If you don't play the card, it remains removed from the game. [Shadowmoor FAQ 2008/04/21]