New theory:
On The (Sound) Track Of Anesthetics
Source: University of Copenhagen

Danish scientists challenge the accepted scientific views of how nerves function and of how anesthetics work. Their research suggests that action of nerves is based on sound pulses and that anesthetics inhibit their transmission.
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http://news.biocompare.com/newsstory.asp?id=173417

New Ideas on Mystery Of How Anesthetics Work
By SANDRA BLAKESLEE
Published: August 30, 1994

ANESTHESIA is one of the most effective medical interventions yet one of the least understood. Since the nature of consciousness is a fundamental mystery, perhaps it is not surprising that the art of rendering people unconscious also defies exact understanding.
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http://query.nytimes.com/gst/fullpage.html?sec=health&res=9D05E0D71F39F933A0575BC0A962958260