We study nonequilibrium steady states, phase transitions and critical
phenomena in a d-dimensional lattice model which represents a magnetic
system under the action of a field fluctuating very rapidly with time
. This induces competing kinetics which produces a sort of (dynamical)
frustration which might occur also in some natural disordered systems
. The exact solution for d = 1, partial exact results for d greater th
an or equal to 2, and a comparison with some related models are report
ed.