When a spin-polarized current flows through a ferromagnet, the local magnetization receives a spin torque. Two consequences of this spin torque are studied. First, the uniformly magnetized ferromagnet becomes unstable if a sufficiently large current is applied. The characteristics of the instability include spin wave generation and magnetization chaos. Second, the spin torque has profound effects on the structure and dynamics of the magnetic domain wall. A detail analysis on the domain wall mass, kinetic energy and wall depinning threshold is given.

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