Rings, modules, and algebras in infinite loop space theory A. D. Elmendorf and M. A. Mandell Subject classes: Primary 19D23; Secondary 55P43, 18D10 xxx-LANL identifier: math.KT/0403403 Addresses: A. D. Elmendorf Dept. of Mathematics Purdue University Calumet Hammond, IN 46323 aelmendo@calumet.purdue.edu M. A. Mandell (current) DPMMS CMS University of Cambridge Cambridge CB3 0WB England M.A.Mandell@dpmms.cam.ac.uk M. A. Mandell (effective Fall 2005) Department of Mathematics Indiana University Bloomington, IN 47405 mmandell@indiana.edu This is a major revision of a previous submission of the same name. We have completely rewritten sections 5 -- 7, giving a new construction of the first part of our functor. The main abstract is as follows: We give a new construction of the algebraic $K$-theory of small permutative categories that preserves multiplicative structure, and therefore allows us to give a unified treatment of rings, modules, and algebras in both the input and output. This requires us to define multiplicative structure on the category of small permutative categories. The framework we use is the concept of multicategory (elsewhere also called colored operad), a generalization of symmetric monoidal category that precisely captures the multiplicative structure we have present at all stages of the construction. Our method ends up in the Hovey-Shipley-Smith category of symmetric spectra, with an intermediate stop at a category of functors out of a particular wreath product.