We report measurements of magnetic switching and steady-state magnetic precession driven by spin-polarized currents in nanoscale magnetic tunnel junctions with low-resistance, <5 Omega mum(2), barriers. The current densities required for magnetic switching are similar to values for all-metallic spin-valve devices. In the tunnel junctions, spin-transfer-driven switching can occur at voltages that are high enough to quench the tunnel magnetoresistance, demonstrating that the current remains spin polarized at these voltages. (C) 2004 American Institute of Physics.