  We measure the B0 lifetime tau_B0 and the B-Bbar oscillation frequency
Deltam_d with a sample of approximately 14,000 exclusively reconstructed B0 ->
D*- l+ nu_l signal events, selected from 23 million B-Bbar pairs recorded at
the Upsilon(4S) resonance with the BABAR detector at the Stanford Linear
Accelerator Center. The b-quark flavor of the other B at the time of decay and
its decay position are determined inclusively. The lifetime and oscillation
frequency are measured simultaneously with an unbinned maximum-likelihood fit
that uses, for each event, the measured difference in B decay times (Delta-t),
the calculated uncertainty on Delta-t, the signal and background probabilities,
and b-quark tagging information for the other B. The preliminary results are
tau_B0 = (1.523 +0.024 -0.023 (stat) +/- 0.022 (syst)) ps and Deltam_d = (0.492
+/- 0.018 (stat) +/- 0.013 (syst)) ps^-1. The statistical correlation
coefficient between tau_B0 and Deltam_d is -0.22.
