We describe the design and implementation of Dynamo, a software dynamic optimization system that is capable of transparently improving the performance of a native instruction stream as it executes on the processor. The input native instruction stream to Dynamo can be dynamically generated (by a JIT for example), or it can come from the execution of a statically compiled native binary. This paper evaluates the Dynamo system in the latter, more challenging situation, in order to emphasize the limits, rather than the potential, of the system. Our experiments demonstrate that even statically optimized native binaries can be accelerated Dynamo, and often by a significant degree. For example, the average performance of –O optimized SpecInt95 benchmark binaries created by the HP product C compiler is improved to a level comparable to their –O4 optimized version running without Dynamo. Dynamo achieves this by focusing its efforts on optimization opportunities that tend to manifest only at...