We examine the photophysics of a colloidal Suspension of C-60 particles in a micellar solution of Triton X-100 and water, prepared via a new synthesis which allows high-concentration Suspensions. The particle sizes are characterized by transmission electron microscopy and dynamic light scattering and found to be somewhat polydisperse in the range of 10-100 nm. The suspension is characterized optically by UV-vis spectroscopy, femtosecond transient absorption spectroscopy, laser flash photolysis. and z-scan. The ground-state absorbance spectrum shows a broad absorbance feature centered near 450 nm which is indicative of colloidal C-60. The transient absorption dynamics, presented for the first time with femtosecond resolution, are very similar to that of thin films of C-60 and indicate a strong quenching of the singlet excited state oil short time scales and evidence of little intersystem crossing to a triplet excited state. Laser flash photolysis reveals that a triplet excited-state absorption spectrum, which is essentially identical in shape to that of molecular C-60 Solutions, does indeed arise, but with Much lower magnitude and somewhat shorter lifetime. Z-scan analysis confirms that the optical response of this material is dominated by nonlinear scattering.