We first give a brief survey of theoretical evaluations of light vector mesons in hadronic matter, focusing on results from hadronic many-body theory. We emphasize the importance of imposing model constraints in obtaining reliable results for the in-medium spectral densities. The latter are subsequently applied to the calculation of dilepton spectra in high-energy heavy-ion collisions, with comparisons to recent NA60 data at the CERN-SPS. We discuss aspects of space-time evolution models and the decomposition of the excess spectra into different emission sources.
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