Spin waves, or magnons, are intrinsic excitations in magnetic materials and have attracted considerable attention since introduced by Bloch in 1930.1 Recently ideas of spintronics have impacted this field dramatically. Berger2 and Sloczewski3 introduced completely new aspects of the physics of metallic ferromagnets in the presence of an electric current of high density. Excitation of magnons by an electric current has been predicted and seen in magnetic multilayers,4-6 where the driving force for the excitations is the spin-momentum transfer associated with an electric current flow. We have developed a microcontact technique (magnetic microcontact spectroscopy) to investigate the current-driven magnon generation.4,5 In our experiments we inject current densities as high as 109 A/cm2 into a Co/Cu multi-layer through a point contact made using a sharpened Ag wire carefully brought into contact with a multi-layer file. We observe current-driven magnons in multi-layers with both ferromagnetic4,5 and antiferromagnetic7 configuration of the adjacent layer magnetizations. Some further interesting applications of the technique, particularly, for studying fluctuation phenomena, resonant magnon generation, acoustic wave generation, etc., will be presented.