Computational modeling and eye-tracking were used to investigate how phonological and semantic information interact to influence the time course of spoken word recognition. We extended our recent models to account for new evidence that competition among phonological neighbors influences activation of semantically related concepts during spoken word recognition . The model made a novel prediction: Semantic input modulates the effect of phonological neighbors on target word processing, producing an approximately inverted-U-shaped pattern with a high phonological density advantage at an intermediate (...) level of semantic input—in contrast to the typical disadvantage for high phonological density words in spoken word recognition. This prediction was confirmed with a new analysis of the Apfelbaum et al. data and in a visual world paradigm experiment with preview duration serving as a manipulation of strength of semantic input. These results are consistent with our previous claim that strongly active neighbors produce net inhibitory effects and weakly active neighbors produce net facilitative effects. (shrink)