The disordered Frenkel-Holstein model is introduced to investigate dynamical relaxation and localization of photoexcited states in conformationally disordered poly(p-phenylenevinylene). It is solved within the Ehrenfest approximation, in which the excited state is treated fully quantum mechanically, but the nuclear displacements are treated classically. The following are shown: (i) Lower energy local exciton ground states (LEGSs) adiabatically relax to vibrationally relaxed states (VRSs) in the time scale of one or two vibrational periods (ca. 40 fs). The relaxation of LEGSs is accompanied by localization and fluorescence depolarization, as the transition dipole moment reduces and rotates. The amount of dynamical localization increases as the torsional disorder decreases, causing an increase in the fluorescence depolarization. (ii) Higher energy quasi-extended exciton states (QEESs) interconvert to VRSs via three distinct episodes. A brief initial period of adiabatic relaxation is followed by the time-evolving eigenstate becoming a linear superposition of instantaneous eigenstates of the Frenkel-Holstein Hamiltonian. Typically, after a few hundred femtoseconds, one of the instantaneous eigenstates dominates the linear superposition, and the remaining dynamics is again adiabatic relaxation to a VRS. (iii) Very high energy QEESs, which are delocalized over many chromophores, sometimes exhibit a splitting of the wave function into more than one VRS. This self-localization onto more than one chromophore is assumed to be a failure of the Ehrenfest approximation, as this approximation neglects quantum mechanical coherences between the electronic and nuclear degrees of freedom. (iv) QEESs exhibit larger, but slower, fluorescence depolarization than LEGSs. Thus, ultrafast fluorescence depolarization is a function of excitation energy and conformational disorder.