A stochastic, semiclassical model is developed for a multimode, homogeneously broadened laser with rapid dipole dephasing, appropriate for semiconductor, Ti:sapphire, or dye lasers. The theory self-consistently incorporates population dynamics including temporal beating effects and relaxation oscillations, spatial hole burning, coherent-wave mixing, and quantum noise. The model is valid for single-and compound-cavity lasers in which the mode frequencies are well defined. We pay particular attention to finding a useful mode basis in the case that the gain medium does not completely fill the cavity. This situation can lead to coupled-cavity effects. For typical systems the model is valid for pump rates up to several times threshold and is tractable for numerical simulations. The theoretical development described in this paper is applied to an experimental system in a companion paper (J. Opt. Soc. Am. B 14, 180 (1997)].