  We present a spectroscopic redshift of z=1.675 for the well-known multiply
lensed system of arcs seen in the z=0.39 cluster Cl0024+16. In contrast to
earlier work, we find that the lensed images are accurately reproduced by a
projected mass distribution which traces the locations of the brightest cluster
ellipticals, suggesting that the most significant minima of the cluster
potential are not fully erased. The averaged mass profile is shallow and
consistent with predictions of recent numerical simulations. The source
redshift enables us to determine an enclosed cluster mass of
M(<100kpc/h)=1.11+/-0.03 x 10^{14}M_{\odot}/h and a mass-to-light ratio of
M/L_B(<100kpc/h)=320h(M/L_B)_{\odot}, after correction for passive stellar
evolution. The arc spectrum contains many ionized absorption lines and closely
resembles that of the local Wolf-Rayet galaxy NGC4217. Our lens model predicts
a high magnification (~20) for each image and identifies a new pair of multiple
images at a predicted redshift of z=1.3.
