The physical consequences of the spin-triplet, even-parity pairing that has
been predicted to exist in disordered two-dimensional electron systems are
considered in detail. We show that the presence of an attractive interacti
on in the particle-particle spin-triplet channel leads to an instability of
the normal metal that competes with the localizing effects of the disorder
. The instability is characterized by a diverging length scale, and has all
of the characteristics of a continuous phase transition. The transition an
d the properties of the ordered phase are studied in mean-field theory, and
by taking into account Gaussian fluctuations. We find that the ordered pha
se is indeed a superconductor with an ordinary Meissner effect and a free e
nergy that is lower than that of the normal metal. Various technical points
that have given rise to confusion in connection with this and other manife
stations of odd-gap superconductivity are also discussed. [S0163-1829(99)13
329-0].