Hopefully a simple question

I have Force of Will in my graveyard, Snapcaster in my hand, 2 untapped Islands. Opponent casts a spell. in response, I cast Snapcaster, it resolves and I target FoW. Can I pay FoW's alternate casting cost (1 life and exile a blue card from hand) or must I pay 3UU (which obviously I cannot).

And is it safe to assume that I can do the same with Daze, or cards that have Phyrexian mana costs (like Dismember)?