The electronic structure and the charge carrier dynamics of regioregular poly(3-hexylthiophen-2,5-diyl) and blends with phenyl-C61-butyric acid methyl ester are studied using time resolved microwave conductivity, optical spectroscopy, ultraviolet photoelectron spectroscopy and high resolution X-ray absorption spectroscopy. From our data, we deduce the positions of the valence and conduction band, the existence of two excitons-as well as the coexistence of one-and two-dimensional polarons. Consistent with the spectroscopic data, we propose a new model in which scattering of virtual polarons and excitons can create free polaronic charge carriers.