Two problematic issues in most lexicon systems today are their size and restricted domain of use. In this paper, we introduce a new approach to lexical organization that leads to more compact and flexible lexicons. The lexical entries are conceptual/phonological frames rather than word entries, and a number of expansion rules are used to generate entries of actual words from these frames. A single frame supports not only all forms of a word, but also words of different categories that are derived from the same semantic basis. The whole theory is now being implemented in the TROLL lexicon project.