We report on a novel investigation of the solvated electron with excitation into the continuum band. The subsequent localization process of quasifree electrons in neat water is studied by femtosecond probe spectroscopy in the spectral range between 580 nm and 990 nm. Excitation is achieved by a pump pulse at 310 nm promoting equilibrated solvated electrons to well-defined levels in the continuum band approximately 0.7 eV above the band edge. The subsequent retrapping and solvation of the electron occurs via two observed intermediates with time constants of tau(2) = 300 +/- 50 fs and tau(s) = 1.0 +/- 0.2 ps. The absorption bands of the two intermediates are derived by the help of a 4-level energy scheme. Comparison with investigations of the solvated electron after excitation with 2 eV visible pulses gives strong evidence that the second intermediate in the UV-excitation experiment is identical to the modified ground state s(') occupied after excitation in the visible. The present study with excitation of the solvated electrons to continuum states sheds also new light on the generation process of localized electrons in neat water. Our data present strong evidence that the so-called "wet electron" is the solvated electron in a modified, hot ground state.