We present experimental results of two-color photoassociative ionizati
on (TCPAI) spectroscopy in a magneto-optical trap. A probe light beam
traces out the frequency (and intensity) dependence of TCPAI. By manip
ulating the intensities of the trap and repumper lasers we investigate
the participation of different hyperfine ground-state levels and demo
nstrate the conditions under which molecular bound states figure in th
e collision intermediate.