New analyses of pseudo-homophone RTs (e.g., BRANE) from two published lexical decision studies clarify lexical involvement in pseudo-homophone processing and challenge widespread assumptions about word frequency effects. First, RTs increased along with increases in the proportion of base- word letters that appeared in the pseudo-homophone (e.g., WHELT-WELT slower than PHAWT – FOUGHT) suggesting that “No” decision-making is slowed by mutually reinforcing activation in phonological and orthographic representations of base word knowledge. Second, effects of base-word frequency were either extremely weak or nonexistent among pseudo-homophones that contained most or all the letters that make up their base word. In contrast, among pseudo-homophones that shared fewer letters with their base word (e.g., “PHAWT”), RTs for items derived from high-frequency base words were faster than RTs for items derived from low-frequency base words. These findings (i) challenge the ubiquitous assumption that lexical representations are frequency sensitive and (ii) suggest that lexical decision involves a spell-check.