After a brief comprehensive review of old and new results on the well-
known Fermi-Pasta-Ulam (FPU) conservative system of N nonlinearly coup
led oscillators, we present a compact linear mode representation of th
e Hamiltonian of the FPU system with quartic nonlinearity and periodic
boundary conditions, with explicitly computed mode coupling coefficie
nts. The core of the paper is the proof of the existence of one- and t
wo-mode exact solutions, physically representing nonlinear standing an
d travelling waves of small wavelength whose explicit lattice represen
tations are obtained, and which are valid also as N --> infinity. More
over, and more generally, we show the presence of multi-mode invariant
submanifolds. The full mode-space stability problem of the anharmonic
zone boundary mode is solved, showing that this mode becomes unstable
through a mechanism of the modulational Benjamin-Feir type. In the th
ermodynamic limit the mode is always unstable but with instability gro
wth rate linearly vanishing with energy density. The physical signific
ance of these solutions and of their stability properties, with respec
t to the previously much more studied equipartition problem for long w
avelength initial excitations, is briefly discussed.