A provocative view has it that word meanings are underdetermined and dynamic, frustrating traditional approaches to theorizing about meaning. Peter Ludlow’s Living Words provides some of the philosophical reasons and motivations for accepting one such view, develops some of its details, and explores some of its ramifications. We critically examine some of the arguments in Living Words, paying particular attention to some of Ludlow’s views about the meanings of predicates, preservation of bivalence and the T-schema, and methods of modulating meaning.