After three years of no unusual activity, Anomalous X-ray Pulsar 1E 1048.1-5937 reactivated in 2007 March. We report on the detection of a large glitch (Delta(nu)/nu =1.63(2)X~10^{-5}) on 2007 March 26 (MJD 54185.9), contemporaneous with the onset of a pulsed-flux flare, the third flare observed from this source in 10 years of monitoring with the Rossi X-ray Timing Explorer. Additionally, we report on a detailed study of the evolution of the timing properties, the pulsed flux, and the pulse profile of this source as measured by RXTE from 1996 July to 2008 January. In our timing study, we attempted phase coherent timing of all available observations. We show that in 2001, a timing anomaly of uncertain nature occurred near the rise of the first pulsed flux flare; we show that a likely glitch (Delta(nu)/nu =2.91(9)X10^{-6}) occurred in 2002, near the rise of the second flare, and we present a detailed description of the variations in the spin-down. In our pulsed flux study, we compare the decays of the three flares and discuss changes in the hardness ratio. In our pulse profile study, we show that the profile exhibited large variations near the peak of the first two flares, and several small short-term profile variations during the most recent flare. Finally, we report on the discovery of a small burst 27 days after the peak of the last flare, the fourth burst discovered from this source. We discuss the relationships between the observed properties in the framework of the magnetar model.
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