We investigate the role of large-amplitude sub-critical thermal fluctu
ations in the dynamics of first-order phase transitions. In particular
, we obtain a kinetic equation for the number density of sub-critical
fluctuations of the broken-symmetric phase within the symmetric phase,
modeled as spherical bubbles, and solve it analytically for temperatu
res above the critical temperature. We study the approach to equilibri
um and obtain the equilibrium distribution of sub-critical bubbles of
the unstable phase by examining three possible mechanisms responsible
for their removal; their shrinking, their coupling to thermal noise, a
nd by thermal fluctuations of the true vacuum inside them. We show tha
t for sufficiently strong transitions, either the shrinking or the cou
pling to thermal noise dominates the dynamics. As the strength of the
transition weakens we show that sub-critical fluctuations become progr
essively more important, as a larger fraction of the total volume is o
ccupied by the broken-symmetric phase, until the point where our analy
tical approach breaks down. Our investigation suggests that pre-transi
tional phenomena may considerably change the dynamics of sufficiently
weak first-order transitions. We apply our results to the standard ele
ctroweak transition.