A class of infinite-ranged random model Hamiltonians is defined as a limiting case in which the appropriate form of mean-field theory, order parameters and phase diagram to describe spin-glasses may be established. It is believed that these Hamiltonians may be exactly soluble, although a complete solution is not yet available. Thermodynamic properties of the model for Ising and XY spins are evaluated using a "many-replica" procedure. Results of the replica theory reproduce properties at and above the ordering temperature which are also predicted by high-temperature expansions, but are in error at low temperatures. Extensive computer simulations of infinite-ranged Ising spin-glasses are presented. They confirm the general details of the predicted phase diagram. The errors in the replica solution are found to be small, and confined to low temperatures. For this model, the extended mean-field theory of Thouless, Anderson, and Palmer gives physically sensible low-temperature predictions. These are in quantitative agreement with the Monte Carlo statics. The dynamics of the infinite-ranged Ising spin-glass are studied in a linearized mean-field theory. Critical slowing down is predicted and found, with correlations decaying as e-[(T-Tc)T]2t for T greater than Tc, the spin-glass transition temperature. At and below Tc, spin-spin correlations are observed to decay to their long-time limit as t-12. © 1978 The American Physical Society.