Two-photon excitation is employed in conjunction with stochastic nuclear magnetic resonance (NMR) at high magnetic field to acquire pulsed NMR spectra with high sensitivity in the absence of an on-resonance radio-frequency excitation. These conditions allow the NMR receiver to be active during excitation and therefore eliminate the receiver dead-time. Examples are presented demonstrating the direct observation of nuclear magnetization under nutation and spin-locking conditions. Applications of the techniques are discussed. (C) 2003 American Institute of Physics.