The card reads:
Ongoing: Once during each of your turns, reveal the top card of your deck. If it has cost 3 or less, +power equal to its cost.
Just for clarification... if the card cost 2 to buy then I reveal it... then I now have +2 power for that card? It has nothing to do with the power already on the card correct? For example Memory Ripper
In addition to this, do I put the revealed card back on the top of my deck or the discard pile?
Yes, +2 Power.
A revealed card goes back to where it was revealed from. In this case, top of deck.