We derive from first principles the equations which govern the behavio
r of small-amplitude fluctuations in a homogeneous and isotropic radia
ting fluid. Products of the fluctuating quantities are shown to obey a
wave-energy conservation law from which it follows that all perturbat
ions must ultimately decay in time. Under fairly general circumstances
the governing equations may be solved through the use of integral tra
nsforms which affords an accounting of the various wave modes supporte
d by the radiating fluid. In addition to the familiar radiatively modi
fied acoustic mode, the radiation-diffusion mode, the radiative-relaxa
tion mode, and the isotropization and exchange modes which constitute
the discrete spectrum of the differential equation, we find a continuo
us spectrum of wave modes associated with the ''collisionless'' nature
of the photons on timescales short compared to the photon lifetime. T
his continuous spectrum is eliminated if an Eddington approximation is
used to close the heirarchy of equations that relate the fluctuating
angular moments of the radiation field. Quantitative results are obtai
ned for the simple case in which the opacity may be regarded as being
independent of the frequency of the photon and the source function may
be approximated by the (local) Planck function.