  We theoretically study dynamic properties of thin ferromagnetic films in
contact with normal metals. Moving magnetizations cause a flow of spins into
adjacent conductors, which relax by spin flip, scatter back into the
ferromagnet, or are absorbed by another ferromagnet. Relaxation of spins
outside the moving magnetization enhances the overall damping of the
magnetization dynamics in accordance with the Gilbert phenomenology. Transfer
of spins between different ferromagnets by these nonequilibrium spin currents
leads to a long-ranged dynamic exchange interaction and novel collective
excitation modes. Our predictions agree well with recent
ferromagnetic-resonance experiments on ultrathin magnetic films.
