  The element of metastability is incorporated in the fluctuating nonlinear
hydrodynamic description of the mode coupling theory (MCT) of the liquid-glass
transition. This is achieved through the introduction of the defect density
variable $n$ into the set of slow variables with the mass density $\rho$ and
the momentum density ${\bf g}$. As a first approximation, we consider the case
where motions associated with $n$ are much slower than those associated with
$\rho$. Self-consistently, assuming one is near a critical surface in the MCT
sense, we find that the observed slowing down of the dynamics corresponds to a
certain limit of a very shallow metastable well and a weak coupling between
$\rho$ and $n$. The metastability parameters as well as the exponents
describing the observed sequence of time relaxations are given as smooth
functions of the temperature without any evidence for a special temperature. We
then investigate the case where the defect dynamics is included. We find that
the slowing down of the dynamics corresponds to the system arranging itself
such that the kinetic coefficient $\gamma_v$ governing the diffusion of the
defects approaches from above a small temperature-dependent value $\gamma^c_v$.
