By analyzing event-related changes in induced band power in narrow frequency bands of the human electroencephalograph, the present paper explores a possible functional role of the alpha and theta rhythms during the processing of words and of sentences. The results show a phasic power increase in the theta frequency range, together with a phasic power decrease in the alpha frequency range, following the presentation of words in a sentence. These effects may be related to word processing, either lexical or in relation to sentence context. Most importantly, there is a slow and highly frequency-specific increase in theta power as a sentence unfolds, possibly related to the formation of an episodic memory trace, or to incremental verbal working memory load.