Using a system capable of relatively localized and rapidrate transcranial magnetic stimulation (rTMS), evoked trains of complex spikes were studied in rodent auditory cortex. Low rate rTMS from 1 to 10Hz produced a frequency-dependent increase in spike rate. Iterations of rTMS resulted in long-term potentiation (LTP)-like, and more durable long-term depression (LTD)-like changes in evoked spike rate. These observations generate new perspectives for studying mechanisms of learning and memory non-invasively as well as introducing some caveats for use of rTMS in humans.