Counter target spell. Its controller loses 3 life and you gain 3 life.
"Amateurish. Nearsighted. A waste of my time and everyone else's." —Indra, nullmage of Vectis
Official Rulings for Punish Ignorance
10/1/2008 : You may target a spell that "can't be countered" with Punish Ignorance. If you do, the first part of Punish Ignorance's effect won't do anything, but the life-loss and life-gain effects will still work.