We study numerically and analytically the spectrum of incidence matrices of
random labeled graphs on N vertices: any pair of vertices is connected by
an edge with probability p. We give two algorithms to compute the moments o
f the eigenvalue distribution as explicit polynomials in iv and p. For larg
e N and fixed p, the spectrum contains a large eigenvalue at Np and a semic
ircle of "small" eigenvalues. For large N and fixed average connectivity pN
(dilute or sparse random mall ices limit) we show that the spectrum always
contains a discrete component. An anomaly in the spectrum near eigenvalue
0 for connectivity close to c is observed. We develop recursion relations t
o compute the moments as explicit polynomials in pN. Their growth is slow e
nough so that they determine the spectrum. The extension of our methods to
the Laplacian matrix is given in Appendix.