You pay all costs and follow all timing rules for cards played this way. For example, if one of the exiled cards is a land card, you may play it only during your main phase while the stack is empty.

You may play the exiled cards even if Hugs is no longer on the battlefield or under your control.

The effect of Hugs's last ability that allows you to play an additional land is cumulative with similar effects. For example, if you control Hugs as well as Exploration (an enchantment with "You may play an additional land on each of your turns."), you'll be able to play three lands during each of your turns.