Sorcery Until end of turn, you may play cards in your graveyard. If a card would be put into your graveyard this turn, remove that card from the game instead.1
10/4/2004: The second ability creates a replacement effect. It applies to both costs and effects.
10/4/2004: If you play a Buyback spell, then there will be two effects trying to replace where the card goes. You get to choose if the Buyback returns the card to your hand or the card gets removed from the game.
10/4/2004: If an effect asks you to discard a card, you can't "discard" something that is in your graveyard. Those cards are not in your hand. Thus, Cycling abilities of cards in the graveyard can't be played.
10/4/2004: It will remove itself from the game since it goes to the graveyard after its effect starts.
10/4/2004: If you play a card using Yawgmoth's Will and something triggers only when "played from your hand", that something will not trigger. Such things trigger based on where the card came from.
10/4/2004: To "play a card" is to either announce a spell or to put a land into play using the main phase special action.