We consider two types of ultrafast dynamical localization of photoexcited states in conformationally disordered poly(p-phenylenevinylene). First, we discuss nonadiabatic interconversion from higher energy extended exciton states to lower energy more localized local exciton ground states. Second, we calculate the dynamics of local exciton ground states on their Born-Oppenheimer potential energy surfaces. We show that within the first C-C bond oscillation following photoexcitation (similar to 35 fs) the exciton becomes self-trapped and localized over approximately eight monomers. This process is associated with a Calderia-Leggett type loss of phase coherence owing to the coupling of the polymer to a dissipative environment. Subsequent torsional relaxation (on a time scale of approximately picoseconds) has little effect. on the localization. We conclude from this that the initial torsional disorder determines the spatial distribution and localization length of vertical excitations but that electron-phonon coupling is largely responsible for the localization length of self-trapped excitons. We next consider the effect of dynamical localization on fluorescence depolarization. We show that exciting higher energy states causes a larger fluorescence depolarization, because these states have a larger initial delocalization. Using the observation that fluorescence depolarization is a function of excitation wavelength and polymer conformation, we show how the models of exciton localization discussed here can be experimentally investigated.