Ultrasonic irradiation is shown to accelerate the rate of hydrolysis of p-nitrophenyl acetate (PNPA) in aqueous solution by 2 orders of magnitude over the pH range of 3-8. In the presence of ultrasound, the observed first-order rate constant for the hydrolysis of PNPA is found to be independent of pH and ionic strength with k(obs) = 7.5 x 10(-4) s(-1) with Kr as the cavitating gas, k(obs) = 4.6 x 10(-4) s(-1) with Ar as the cavitating gas, and k(obs) = 1.2 x 10(-4) s(-1) with He as the cavitating gas. The apparent activation parameters for sonolytic catalysis are Delta H-double dagger(sonified) = 211 kJ/mol, Delta S-double dagger(sonified) = -47 J/(mol K), and Delta G(double dagger)(sonified) = 248 kJ/mol. Under ambient conditions and in the absence of ultrasound, k(obs) is a strong function of pH where k(obs) = k(H2O)[H2O] + k(OH-)[OH-] with k(H2O) = 6.0 x 10(-7) s(-1) and k(OH-) = 11. 8 M(-1) s(-1) at 25 degrees C. The corresponding activation parameters are Delta H-double dagger = 71.5 kJ/mol, Delta S-double dagger = -107 J/(mol K), and Delta G(double dagger) = 155 kJ/mol. During cavitational bubble collapse, high temperatures and pressures exceeding the critical values of water (T > T-c = 647 K and P > P-c = 221 bar) occur in the vapor phase of the cavitating bubbles and at the interfaces between the hot vapors and the cooler bulk aqueous phase. The formation of transient supercritical water (SCW) appears to be an important factor in the acceleration of chemical reactions in the presence of ultrasound. The apparent activation entropy, Delta S-double dagger, is decreased substantially during the sonolytic catalysis of PNPA hydrolysis, while Delta G(double dagger) and Delta H-double dagger are increased. The decrease Delta S-double dagger is attributed to differential solvation effects due to the existence of supercritical water (e.g., lower rho and epsilon) while the increases in Delta G(double dagger) and Delta H-double dagger are attributed to changes in the heat capacity of the water due to the formation of a transient supercritical state. A dynamic heat-transfer model for the formation, lifetime, and spatial extent of transient supercritical water at cavitating bubble interfaces is presented.