We present a simple spin-evolution model that predicts that rapidly rotatin
g accreting neutron stars will be confined mainly to a narrow range of spin
frequencies: P = 1.5-5 ms. This is in agreement with current observations
of neutron stars in both the low-mass X-ray binaries and the millisecond ra
dio pulsars. The main ingredients in the model are (1) the instability of r
-modes above a critical spin rate, (2) the thermal runaway that is due to t
he heat released as viscous damping mechanisms counteract the r-mode growth
, and (3) a revised estimate of the strength of the dissipation that is due
to the presence of a viscous boundary layer at the base of the crust in an
old and relatively cold neutron star. We discuss the gravitational waves t
hat are radiated during the brief r-mode-driven spin-down phase. We also br
iefly touch on how the new estimates affect the predicted initial spin peri
ods of hot young neutron stars.