So if you exile the instant or sorcery, can it be in your graveyard, or right when you play it? And if its right when you play it, do you still get te spell's effect?
Cards are "Spells" only when on the stack.
In the graveyard they are instant or sorcery CARDS. So you cant exile sorceries from your grave.
You have to exile an instant or sorcery you control while it is on the stack, and because you exile it, the spell will not resolve and you will not get the effect.
It has to be when you play it, and it if you exile the spell for the +1/+1 counters, that spell will not resolve (no effect).
Edit: bah, beat me by 20 seconds! :P
But effects that activate upon casting a spell, like {guttersnipe} or {second guess} will still activate.