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We have studied the effects of ion irradiation at low doses (<5×10[sup 14] ions/cm[sup 2]) on the structural properties, giant magnetoresistance (GMR), and interlayer magnetic coupling in Co/Cu multilayers. X-ray analysis combined with magnetic and resistivity measurements reveal that intermixing is promoted by ion irradiation while the periodic structure and crystallographic properties of the multilayers are not significantly altered. The GMR ratio of a multilayer decreases monotonically with ion dose. However, thermal annealing on an irradiated multilayer results in sharp recovery of the reduced GMR, and can be associated with a backdiffusion process in metastably intermixed regions. Hence, using ion irradiation and subsequent annealing, the GMR of a single multilayer can be altered reversibly over a wide range. The variation of GMR upon irradiation (or annealing) is accompanied by significant suppression (or improvement) of the antiferromagnetic interlayer coupling. The correlation between GMR and AF coupling, as well as the role of enhanced electron scattering at interfaces during these processes are discussed. © 2004 American Institute of Physics. [ABSTRACT FROM AUTHOR]