  We present CO observations of a large sample of ultraluminous IR galaxies out
to z = 0.3. Most of the galaxies are interacting, but not completed mergers.
All but one have high CO(1-0) luminosities, log(Lco [K-km/s-pc^2]) = 9.92 +/-
0.12. The dispersion in Lco is only 30%, less than that in the FIR luminosity.
The integrated CO intensity correlates Strongly with the 100 micron flux
density, as expected for a black body model in which the mid and far IR
radiation are optically thick. We use this model to derive sizes of the FIR and
CO emitting regions and the enclosed dynamical masses. Both the IR and CO
emission originate in regions a few hundred parsecs in radius. The median value
of Lfir/Lco = 160 Lsun/(K-km/s-pc^2), within a factor of two of the black body
limit for the observed FIR temperatures. The entire ISM is a scaled up version
of a normal galactic disk with densities a factor of 100 higher, making even
the intercloud medium a molecular region. Using three different techniques of
H2 mass estimation, we conclude that the ratio of gas mass to Lco is about a
factor of four lower than for Galactic molecular clouds, but that the gas mass
is a large fraction of the dynamical mass. Our analysis of CO emission reduces
the H2 mass from previous estimates of 2-5e10 Msun to 0.4-1.5e10 Msun, which is
in the range found for molecular gas rich spiral galaxies. A collision
involving a molecular gas rich spiral could lead to an ultraluminous galaxy
powered by central starbursts triggered by the compression of infalling
preexisting GMC's.
