Smaug, the Great Calamity // Spew Flame

An adventurer card is a permanent card in every zone except the stack, as well as while on the stack if not cast as an Adventure. Ignore its alternative characteristics in those cases. For example, while it's in your graveyard, Bilbo, Luckwearer is a blue creature card whose mana value is 2. It can't be put into your hand by the effect of Speak Secrets ("Mill four cards, then put an instant or sorcery card from among them into your hand.").

An effect may refer to a card, spell, or permanent that "has an Adventure." This refers to a card, spell, or permanent that has an adventurer card's set of alternative characteristics, even if they're not being used and even if that card was never cast as an Adventure.

Casting a card as an Adventure isn't casting it for an alternative cost. Effects that allow you to cast a spell for an alternative cost or without paying its mana cost may allow you to apply those to the Adventure.

If a spell is cast as an Adventure, its controller exiles it instead of putting it into its owner's graveyard as it resolves. For as long as it remains exiled, that player may play it using its primary characteristics. If an Adventure spell leaves the stack in any way other than resolving (most likely by being countered or by failing to resolve because its targets have all become illegal), that card won't be exiled and the spell's controller won't be able to cast it as a permanent later.

If an adventurer card ends up in exile for any other reason than by exiling itself while resolving, it won't give you permission to cast it as a permanent spell.

If an effect copies an Adventure spell, that copy is exiled as it resolves. It ceases to exist as a state-based action; it's not possible to cast the copy as a permanent.

If an effect instructs you to choose a card name, you may choose the alternative Adventure name. Consider only the alternative characteristics to determine whether that is an appropriate name to choose.

If an effect refers to a card, spell, or permanent that has an Adventure, it won't find an instant or sorcery spell on the stack that's been cast as an Adventure.

If an object becomes a copy of an object that has an Adventure, the copy also has an Adventure. If it changes zones, it will either cease to exist (if it's a token) or cease to be a copy (if it's a nontoken permanent), and so you won't be able to cast it as an Adventure.

If you cast an adventurer card as an Adventure, use only its alternative characteristics to determine whether it's legal to cast that spell. For example, if you control Gandalf, Party Guest ("At the beginning of combat on your turn, you may cast an instant or sorcery spell with mana value X or less from your hand without paying its mana cost, where X is twice the number of legendary Wizards you control."), you could cast Burglar's Plot from your hand without paying its mana cost (provided you control enough legendary Wizards), but not Bilbo, Luckwearer.

When casting a spell as an Adventure, use the alternative characteristics and ignore all of the card's normal characteristics. The spell's color, mana cost, mana value, and so on are determined by only those alternative characteristics. If the spell leaves the stack, it immediately resumes using its normal characteristics.

You must still follow any timing restrictions and permissions for the permanent spell you cast from exile. Normally, you'll be able to cast it only during your main phase while the stack is empty.