Will The Mammoths Walk Earth Again?

A Russian Hunter recently discovery the 40,000 years old remains of a Mammoth Baby in Arctic Russia. This is a monumental find and the scientists might be able to play God with the dead Mammoth's DNA if they can extract the sequence intact.

Will we see the Mammoths walk Earth once again? Should the scientists be allowed to play God?

What does such research and experimentation mean to Man's future?  Will we see soon DNA banks that cater to the super rich by freezing their DNA sequences for possible resurrection at a later date? Do you want to live twice? Or thrice? Or be immortal? Springing from the ashes like Dumbledore's Phoenix?