A model has been developed which yields the speed and attenuation of acoustic waves as ,a function 01 Irequency in two-phase, one-component media. Nonequilibrium interphase heat, mass. and momentum transfer have been included and are found to be important. At low frequencies, the wave speed approaches the equilibrium value calculated by J(ap/ap),. The wave speed in the high frequency limit is characterized by no heat. mass. or momentum transfer between the liquid and vapor phases. The attenuation is large at high frequencies. A comparison of the theory with experiment shows that the leading edges of large amplitude pressure waves travel at the high frequency limit of the sound speed CP%7, C "g' D!DP