Text (EX+errata): {0}: Remove target attacking creature you control from combat and untap it. Prevent all combat damage that would be dealt to and dealt by that creature this turn. [Oracle 2009/07/08]
Does not undo any effects which triggered on declaration of attackers or blockers. For example, if you remove a Thicket Basilisk from combat after a creature blocks it, that creature is still destroyed at end of combat. [DeLaney 1998/05/24]
If used after damage is assigned, the damage is still prevented. This is a Reversal of a previous ruling under old text. [D'Angelo 1999/08/17]
If used after damage is resolved but before the end of combat, the damage prevention part of the ability doesn't do anything, but you still get to untap your attacking creature. [Jordan 2003/11/23]