This is what the nobel prize is:

Any of the six international prizes awarded annually by the Nobel Foundation for outstanding achievements in the fields of physics, chemistry, physiology or medicine, literature, and economics and for the promotion of world peace.

Based on that alone No he should have it taken away.

First of all they gave it to him before he even started in that position so how the hell can they give someone such a prestigious prize without even knowing if he is worthy of it.

Secondly, you are right with all the shit that he has done now with Libya that right there shows how out of control he is.

You sort of brought up a couple of important points:

First: Should Obama’s Nobel Prize be taken away?

Absolutely not. I doubt anyone has ever had their Nobel Prize taken away. This is not because the committee is so great at delegating awards, it is simply because there is most likely no process for retracting awards. Obama is not the first undeserving person to receive (or be nominated for) a Nobel Peace Prize. Generally, I do not think someone should be awarded while being involved in two wars, but to retract a Nobel Prize is a bit off. Granted, he should never have gotten it in the first place.

Second: Obama is bombing the hell out of bombing the hell out of innocent civilians in Libya.

Erm, where did you here that? First of all, this is not just Obama involved in this air campaign: it is much of the international community. Second, civilian casualties are unfortunately part of the principle of double-effect. Many people believe that Libya massacring their own people should be stopped, and unfortunately, it will involve some civilian casualties, but no one is currently bombing the hell out of anyone, especially civilians.