It was recently discovered that when there are sufficiently rapid spin-exchange collisions in an alkali-metal vapor, the rf magnetic-resonance frequency of the ground-state atoms becomes a constant fractional value (e.g., 411 for Cs) of the Larmor frequency, and the linewidth becomes inversely proportional to the spin-exchange rate. These properties are in complete contrast to those in the slow spin-exchange limit. We present a theoretical analysis of these properties, and we predict some additional new effects for rapid spin exchange. Four theories are presented; an intuitive-vector model, a perturbation treatment, numerical solutions of complex non-Hermitian matrices, and a statistical analysis of the effect of rapid transfers between two Zeeman multiplets. These theories all provide, to varying degrees, consistent quantitative answers to the problem of how spin exchange affects magnetic resonance in an alkali vapor.