When an opponent casts a creature spell, if this permanent is an enchantment, it becomes a 4/4 Giant creature with protection from each of that spell's colors.
It changes into a creature even if the spell is countered.
When it turns into a creature, it is no longer an enchantment.
If the spell was colorless (an artifact), this card does not get any form of Protection.
It triggers when the spell is cast, which means it becomes a creature before that spell resolves.
A "creature spell" is any spell with the type Creature, even if it has other types such as Artifact or Enchantment. Older cards of type Summon are also Creature spells.
A noncreature permanent that turns into a creature can attack, and its
abilities can be activated, only if its controller has continuously controlled that permanent since the beginning of their most recent turn. It doesn't matter how long the permanent has been a creature.