129Xe NMR has found many applications in material sciences and medicine because of two useful properties of Xenon atoms for NMR: the sensitivity to their environment due to their highly polarizable electron cloud, which results in a wide range of chemical shifts, and the ability of being hyperpolarized, which overcomes the problem of the low signal-to-noise ratio of thermally polarized Xenon. In this work a variety of different experiments were performed that combine NMR measurements with spectroscopic, spatial, and temporal resolution thereby exploiting the large non-equilibrium magnetization of hyperpolarized Xenon to monitor dynamic processes. In the first part of this work a new analytical model was introduced which allows the quantitat...