The authors review localization and wave propagation in randomly layered media. They demonstrate that in addition to discrete spectrum waves a disordered open system can support quasihomogeneous waves (metastable states). These quasihomogeneous waves are due to the interference of multiply scattered fields and their existence leads to the appearance of a fluctuation waveguide that can channel energy along the layers for distances exponentially greater than the layer thickness, The authors also examine in detail the statistical characteristics of the field produced in a randomly layered medium by a point source.