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The stochastic Gross-Pitaevskii equation represents a versatile approach for studying the dynamics of trapped degenerate ultracold Bose gases in the presence of large phase and density fluctuations. Following a brief review of the original formulation of Stoof, which highlights the benefits of this approach and its relation to alternative theories, we present selected applications for the dynamics of effectively one-dimensional systems, and briefly discuss the generalization to two-dimensional systems, highlighting certain potential pitfalls in their numerical implementations. [ABSTRACT FROM AUTHOR]