Alternative splicing of pre-messenger RNA and reversible protein phosphorylation are fundamental mechanisms for regulating protein structure and function. Recent studies of one class of potassium channel (BK(Ca)) reveal dynamic reciprocal interactions between pre-mRNA splicing and protein phosphorylation. Splicing is regulated by phosphorylation, and exon selection determines the sensitivity of the channel protein to regulation by protein phosphorylation. These studies reveal a powerful dynamic molecular switch to determine cellular excitability.