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Attractor-based networks offer a powerful paradigm for the storage and recall of memory. However, as traditionally formulated (Hopfield, 1982; Amit, 1989) with abstracted neurons, these networks bear only an indirect relation to actual hippocampal and neocortical networks. Here we present an attractor network instantiated in a detailed biophysical-level model of the CA3 region of the hippocampus, simulated using GENESIS. The network is comprised of the 66-compartment pyramidal cells and 51-compartment interneurons of Traub and colleagues (Traub et al., 1994; Traub and Miles, 1995) and takes advantage of the mechanism of pyramidal cell synchrony imposed by networks of interneurons oscillating in the gamma range (Traub et al., 1996b; Wang and Buzsaki, 1996; Bush and Sejnowski, 1996). We demonstrate that such a network rapidly converges to stored memory states (metastable attractors) and has interesting temporal dynamics that arise from the interplay of AMPA, NMDA, and GABA_A synapses (particularly as influenced by neuromodulators) and our studies suggest that a cellular-level model of CA3 can exhibit functional-level properties.