In this article we consider the application of parametric spectral analysis to multichannel event-related potentials (ERPs) during cognitive experiments. We show that with proper data preprocessing, Adaptive MultiVariate AutoRegressive (AMVAR) modeling is an effective technique for dealing with nonstationary ERP time series. We propose a bootstrap procedure to assess the variability in the estimated spectral quantities. Finally, we apply AMVAR spectral analysis to a visuomotor integration task, revealing rapidly changing cortical dynamics during different stages of task processing.