We investigate an XP spin-glass model in which both spins and coupling
s evolve in time: the spins change rapidly according to Glauber-type r
ules, whereas the couplings evolve slowly with a dynamics involving sp
in correlations and Gaussian disorder. For large times the model can b
e solved using replica theory. In contrast to the XY-model with static
disordered couplings, solving the present model requires two levels o
f replicas, one for the spins and one for the couplings. Relevant orde
r parameters are defined and a phase diagram is obtained upon making t
he replica-symmetric ansatz. The system exhibits two different spin-gl
ass phases, with distinct de Almeida-Thouless lines, marking continuou
s replica-symmetry breaking: one describing freezing of the spins only
, and one describing freezing of both spins and couplings.