The report summarizes the proceedings of a workshop and presents an overview of the current state of the science in terms of climate change and extreme hydrologic events. It examines the "conventional wisdom" that climate change will "accelerate" the hydrologic cycle, fuel more evaporation, and generate more precipitation, based on an increased capacity of a warmer atmosphere to hold more water vapor. The report also includes descriptions of the changes in frequency and severity of extremes, the ability (or inability) to model these changes, and the problem of communicating the best science to water resources practitioners in useful forums.