diff --git a/src/node.js b/src/node.js
index 19b4e263fa..b65b9ccef0 100644
--- a/src/node.js
+++ b/src/node.js
@@ -71,6 +71,16 @@ clearInterval = clearTimeout;
 
 // Module
 
+node.libraryPaths = [ node.path.join(ENV["HOME"], ".node_libraries")
+                    , node.path.join(node.installPrefix, "lib/node_libraries")
+                    , "/" 
+                    ];
+
+if (ENV["NODE_LIBRARY_PATHS"]) {
+  node.libraryPaths =
+    ENV["NODE_LIBRARY_PATHS"].split(":").concat(node.libraryPaths);
+}
+
 node.loadingModules = [];
 
 function require_async (url) {
@@ -83,30 +93,25 @@ function require (url) {
 }
 
 function include_async (url) {
-  var currentModule = node.loadingModules[0];
-  return currentModule.newChild(url, currentModule.target);
+  var promise = require_async(url)
+  promise.addCallback(function (t) {
+    // copy properties into global namespace.
+    for (var prop in t) {
+      if (t.hasOwnProperty(prop)) process[prop] = t[prop];
+    }
+  });
+  return promise;
 }
 
 function include (url) {
   include_async(url).wait();
 }
 
-node.Module = function (o) {
-  this.parent = o.parent;
-  this.target = o.target || {};
-
-  if (!o.path) throw "path argument required";
-
-  if (o.path.charAt(0) == "/") {
-    throw "Absolute module paths are not yet supported by Node";
-  }
-
-  if (o.path.match(/:\/\//)) {
-    this.filename = o.path;
-  } else {
-    var dir = o.base_directory || ".";
-    this.filename = node.path.join(dir, o.path);
-  }
+node.Module = function (filename, parent) {
+  node.assert(filename.charAt(0) == "/");
+  this.filename = filename;
+  this.target = {};
+  this.parent = parent;
 
   this.loaded = false;
   this.loadPromise = null;
@@ -114,18 +119,99 @@ node.Module = function (o) {
   this.children = [];
 };
 
-node.Module.prototype.load = function (callback) {
+node.Module.cache = {};
+
+(function () {
+  function retrieveFromCache (loadPromise, fullPath, parent) {
+    var module;
+    if (fullPath in node.Module.cache) {
+      module = node.Module.cache[fullPath];
+      setTimeout(function () {
+        loadPromise.emitSuccess(module.target);
+      }, 0);
+    } else {
+      module = new node.Module(fullPath, parent);
+      node.Module.cache[fullPath] = module;
+      module.load(loadPromise);
+    }
+  }
+
+  function findPath (path, dirs, callback) {
+    node.assert(path.charAt(0) == "/");
+    node.assert(dirs.constructor == Array);
+
+    if (dirs.length == 0) {
+      callback();
+    } else {
+      var dir = dirs[0];
+      var rest = dirs.slice(1, dirs.length);
+
+      var fullPath = node.path.join(dir, path);
+      node.fs.exists(fullPath, function (doesExist) {
+        if (doesExist) {
+          callback(fullPath);
+        } else {
+          findPath(path, rest, callback);  
+        }
+      });
+    }
+  }
+
+  node.loadModule = function (requestedPath, target, parent) {
+    var loadPromise = new node.Promise();
+
+    // On success copy the loaded properties into the target
+    loadPromise.addCallback(function (t) {
+      for (var prop in t) {
+        if (t.hasOwnProperty(prop)) target[prop] = t[prop];
+      }
+    });
+
+    if (!parent) {
+      // root module
+      node.assert(requestedPath.charAt(0) == "/");
+      retrieveFromCache(loadPromise, requestedPath);
+
+    } else {
+      if (requestedPath.charAt(0) == "/") {
+        // Need to find the module in node.libraryPaths
+        findPath(requestedPath, node.libraryPaths, function (fullPath) {
+          if (fullPath) {
+            retrieveFromCache(loadPromise, fullPath, parent);
+          } else {
+            loadPromise.emitError();
+          }
+        });
+
+      } else {
+        // Relative file load
+        var fullPath = node.path.join(node.path.dirname(parent.filename),
+            requestedPath);
+        retrieveFromCache(loadPromise, fullPath, parent);
+      }
+    }
+
+    return loadPromise;
+  };
+}());
+
+node.Module.prototype.load = function (loadPromise) {
+  if (this.loaded) {
+    loadPromise.emitError(new Error("Module '" + self.filename + "' is already loaded."));
+    return;
+  }
+  node.assert(!node.loadPromise);
+  this.loadPromise = loadPromise;
+
   if (this.filename.match(/\.node$/)) {
-    return this.loadObject(callback);
+    this.loadObject(loadPromise);
   } else {
-    return this.loadScript(callback);
+    this.loadScript(loadPromise);
   }
 };
 
-node.Module.prototype.loadObject = function (callback) {
+node.Module.prototype.loadObject = function (loadPromise) {
   var self = this;
-  var loadPromise = new node.Promise();
-  self.loadPromise = loadPromise;
   // XXX Not yet supporting loading from HTTP. would need to download the
   // file, store it to tmp then run dlopen on it. 
   node.fs.exists(self.filename, function (does_exist) {
@@ -139,57 +225,28 @@ node.Module.prototype.loadObject = function (callback) {
       node.exit(1);
     }
   });
-  return loadPromise;
 };
 
-node.Module.prototype.loadScript = function (callback) {
+node.Module.prototype.loadScript = function (loadPromise) {
   var self = this;
-  if (self.loaded) {
-    throw "Module '" + self.filename + "' is already loaded.";
-  }
+  var catPromise = node.cat(self.filename);
 
-  var loadPromise = new node.Promise();
-  node.assert(self.loadPromise === null);
-  self.loadPromise = loadPromise;
-
-  var cat_promise = node.cat(self.filename);
-
-  cat_promise.addErrback(function () {
-    node.stdio.writeError("Error reading " + self.filename + "\n");
-    loadPromise.emitError();
-    node.exit(1);
+  catPromise.addErrback(function () {
+    loadPromise.emitError(new Error("Error reading " + self.filename + "\n"));
   });
 
-  cat_promise.addCallback(function (content) {
+  catPromise.addCallback(function (content) {
     // remove shebang
     content = content.replace(/^\#\!.*/, '');
 
     // create wrapper function
-    var wrapper = "function (__filename) { "+
-                  "  var onLoad; "+
-                  "  var onExit; "+
-                  "  var exports = this; "+
-                  content+
-                  "\n"+
-                  "  this.__onLoad = onLoad;\n"+
-                  "  this.__onExit = onExit;\n"+
-                  "};\n";
+    var wrapper = "function (__filename, exports) { " + content + "\n};";
     var compiled_wrapper = node.compile(wrapper, self.filename);
 
     node.loadingModules.unshift(self);
-    compiled_wrapper.apply(self.target, [self.filename]);
+    compiled_wrapper.apply(self.target, [self.filename, self.target]);
     node.loadingModules.shift();
 
-    self.onLoad = self.target.__onLoad;
-    self.onExit = self.target.__onExit;
-    if (self.onLoad || self.onExit) {
-      node.stdio.writeError( "(node) onLoad and onExit have been removed. "
-                           + " module load is synchronous so onLoad is unnecessary"
-                           + " Use process.addListener('exit') for onExit. "
-                           );
-      node.exit(1);
-    }
-
     self.waitChildrenLoad(function () {
       self.loaded = true;
       loadPromise.emitSuccess(self.target);
@@ -198,15 +255,7 @@ node.Module.prototype.loadScript = function (callback) {
 };
 
 node.Module.prototype.newChild = function (path, target) {
-  var child = new node.Module({
-    target: target,
-    path: path,
-    base_directory: node.path.dirname(this.filename),
-    parent: this
-  });
-  this.children.push(child);
-  child.load();
-  return child.loadPromise;
+  return node.loadModule(path, target, this);
 };
 
 node.Module.prototype.waitChildrenLoad = function (callback) {
@@ -227,22 +276,19 @@ node.Module.prototype.waitChildrenLoad = function (callback) {
 };
 
 (function () {
+  var cwd = node.cwd();
+
   // Make ARGV[0] and ARGV[1] into full paths.
   if (ARGV[0].charAt(0) != "/") {
-    ARGV[0] = node.path.join(node.cwd(), ARGV[0]);
+    ARGV[0] = node.path.join(cwd, ARGV[0]);
   }
 
   if (ARGV[1].charAt(0) != "/") {
-    ARGV[1] = node.path.join(node.cwd(), ARGV[1]);
+    ARGV[1] = node.path.join(cwd, ARGV[1]);
   }
 
   // Load the root module--the command line argument.
-  var root_module = new node.Module({
-    path: node.path.filename(ARGV[1]),
-    base_directory: node.path.dirname(ARGV[1]),
-    target: this
-  });
-  root_module.load();
+  node.loadModule(ARGV[1], process);
 
   node.exit = function (code) {
     process.emit("exit");
diff --git a/src/util.js b/src/util.js
index f1ad501c2f..66ce2e85bd 100644
--- a/src/util.js
+++ b/src/util.js
@@ -92,17 +92,23 @@ node.path = new function () {
 };
 
 print = function (x) {
-  return node.stdio.write(x);
+  node.stdio.write(x);
 };
 
 puts = function (x) {
-  return print(x.toString() + "\n");
+  print(x.toString() + "\n");
 };
 
 p = function (x) {
-  return puts(JSON.stringify(x));
+  if (x === null) {
+    puts("null");
+  } else if (x === NaN) {
+    puts("NaN");
+  } else {
+    puts(JSON.stringify(x) || "undefined");
+  }
 };
 
 node.debug = function (x) {
-  return node.stdio.writeError("DEBUG: " + x.toString() + "\n");
+  node.stdio.writeError("DEBUG: " + x.toString() + "\n");
 };
diff --git a/test/mjsunit/test-remote-module-loading.js b/test/mjsunit/disabled/test-remote-module-loading.js
similarity index 100%
rename from test/mjsunit/test-remote-module-loading.js
rename to test/mjsunit/disabled/test-remote-module-loading.js
diff --git a/test/mjsunit/fixtures/a.js b/test/mjsunit/fixtures/a.js
index e94ac175fc..80a079845e 100644
--- a/test/mjsunit/fixtures/a.js
+++ b/test/mjsunit/fixtures/a.js
@@ -1,6 +1,9 @@
+node.debug("load fixtures/a.js");
+
 var c = require("b/c.js");
 var string = "A";
 
+
 exports.A = function () {
   return string;
 };
diff --git a/test/mjsunit/fixtures/b/c.js b/test/mjsunit/fixtures/b/c.js
index 4959fbc08c..a90ea9eddd 100644
--- a/test/mjsunit/fixtures/b/c.js
+++ b/test/mjsunit/fixtures/b/c.js
@@ -1,3 +1,5 @@
+node.debug("load fixtures/b/c.js");
+
 var d = require("d.js");
 
 var string = "C";
@@ -12,4 +14,5 @@ exports.D = function () {
 
 process.addListener("exit", function () {
   string = "C done";
+  puts("b/c.js exit");
 });
diff --git a/test/mjsunit/fixtures/b/d.js b/test/mjsunit/fixtures/b/d.js
index 447f912395..c9e0e7bc8c 100644
--- a/test/mjsunit/fixtures/b/d.js
+++ b/test/mjsunit/fixtures/b/d.js
@@ -1,3 +1,5 @@
+node.debug("load fixtures/b/d.js");
+
 var string = "D";
 
 exports.D = function () {
diff --git a/test/mjsunit/test-module-loading.js b/test/mjsunit/test-module-loading.js
index 342b45014e..1bb2908879 100644
--- a/test/mjsunit/test-module-loading.js
+++ b/test/mjsunit/test-module-loading.js
@@ -1,3 +1,4 @@
+node.debug("load test-module-loading.js");
 include("mjsunit.js");
 var a = require("fixtures/a.js");
 var d = require("fixtures/b/d.js");
@@ -35,4 +36,6 @@ process.addListener("exit", function () {
 
   assertInstanceof(d2.D, Function);
   assertEquals("D done", d2.D());
+
+  puts("exit");
 });