Parametric three-photon interaction provides continuously tunable ultrashort pulses in extended spectral regions from the UV to the mid-IR. We focus on parametric systems operating in the pulsed mode. Optical parametric oscillators pumped by intense microsecond trains of subpicosecond pulses exhibit favorable properties. We present data on a pulsed optical parametric oscillator that has a wide tuning range from 0.7 to 1.8 mum, a conversion efficiency of a few percent, and a minimum pulse duration of as low as 65 fs. Larger tuning ranges are covered by subsequent downconversion or parametric amplification. We discuss the generation of less than or similar to 1-ps pulses at wavelengths between 2 and 18 mum. Finally the potential of parametrically generated IR pulses is demonstrated by several applications.