The theory of dreams has changed fundamentally since Freud's time, when their primary function was seen as protecting sleep by distorting and hiding repressed material from consciousness. Many contemporary psychoanalysts emphasize the transformative function of dreams, to create sense and meaning for lived experience. Consequently, the way we use dreams in our daily clinical work has changed radically. The dream is no longer viewed as belonging exclusively to the analysand. We listen to virtually any verbal and nonverbal communication as a joint dream of the analytic couple, dreamed in the here-and-now. The author discusses this paradigm shift in light of analytic field theory and the phenomena of hallucinosis, dreaming, and reverie (both visual and somatic). Clinical examples are provided to illustrate the theory and the application of this approach.