Storm Elemental

Flying
{U}, Exile the top card of your library: Tap target creature with flying.
{U}, Exile the top card of your library: If the exiled card is a snow land, this creature gets +1/+1 until end of turn.

Masters Edition II

Flying
{U}, Remove the top card of your library from the game: Tap target creature with flying.
{U}, Remove the top card of your library from the game: If the removed card is a snow land, Storm Elemental gets +1/+1 until end of turn.

Coldsnap Theme Decks

Alliances

Flying
o
U: Remove the top card of your library from the game to tap target creature with flying.
o
U: Remove the top card of your library from the game. If that card is a snow-covered land, Storm Elemental gets +1/+1 until end of turn.

Even though the two activated abilities have the same cost, they’re separate. You choose which one you’re activating before you exile the top card of your library (and see what it is).

If you activate Storm Elemental’s third ability and the exiled card is not a snow land, the ability has no effect.