At low temperatures, the thermodynamic properties of a many-body system are determined by the low energy excursions from the ground state. In quantum degenerate rubidium, the low energy excitations are phonons—phase and density modes—and magnons—spin modes. This thesis reports on the construction of an ultracold rubidium apparatus and techniques to create and image phonons and magnons. We propose and study matter wave interferometry of phonons in a ring trap as a potential rotation sensor in a compact sensor. Precision measurements of coherent magnons allow us to determine the magnon dispersion relation, including a gap induced by magnetic dipole-dipole interactions.