Text (AN+errata): Players play a MAGIC subgame, using their libraries as their decks. Each player who doesn't win the subgame loses half his or her life, rounded up. [Oracle 2009/07/08]
No, this card is more annoying than you imagine :-(
If a card is removed from the game (from Disintegrate or whatever) in the sub-game it is still removed from the game when you return to the main game. [D'Angelo 2003/09/01] See Rule 712.
You randomly chose which player chooses to go first or draw first. See Rule 712.2. [CompRules 2003/07/01]
At the start of the sub-game both players draw their initial hand (usually 7 cards). If one player has fewer cards than required, that player loses. If both have fewer than required, both players lose. [Oracle 1998/07/01]
A player with less than 0 life cannot lose life as a result of the sub-game since half of their life total is considered to be zero. [Oracle 1998/07/01]
Events in a Shahrazad sub-game do not normally trigger abilities in the main game. And continuous effects in the main game do not carry over into the sub-game. [bethmo 1998/12/11]
The subgame is part of the main game. [Oracle 1998/07/01]
Vintage tournaments (see Rule 911) have banned this card since 2007/09/20. It was previously banned from from 1994/01/25 until 1999/10/01.
Legacy tournaments (see Rule 912) have banned this card since 2007/09/20. It was previously banned from the creation of this format until 1999/10/01.
Extended tournaments (see Rule 913) have always banned this card.
Standard (Type 2) tournaments (see Rule 914) have always banned this card, since it is not in the environment.
