Although activating mutations in KRAS are identified in most pancreatic cancers and a large number of other neoplasms, our understanding of the precise molecular and cellular mechanisms that constitute the oncogenic effects of mutant KRAS has been insufficient to formulate an effective therapeutic strategy for affected patients. Interestingly, we have observed that supraphysiological expression of oncogenic Ras causes premature senescence, while endogenous expression of oncogenic Ras confers immortalization in primary murine cells. This suggests that the predominant biological systems previously used to evaluate oncogenic Ras may not reflect the true molecular or cellular properties of this oncogene. Here, we review the use of conditional oncogenic mutations in the endogenous Kras allele as a system for exploring oncogenic Kras biochemistry, cell biology, and tumor modeling.