When Possessed Skaab enters the battlefield, return target instant, sorcery, or creature card from your graveyard to your hand.
If Possessed Skaab would die, exile it instead.
Possessed Skaab’s last ability will apply no matter what caused it to die (lethal damage, being sacrificed, enough -1/-1 counters, and so on). Possessed Skaab won’t go to the graveyard. It will be put from the battlefield into exile. Abilities that trigger whenever a creature dies won’t trigger.