Rapidly decaying long-period oscillations often occur in hot coronal loops of active regions associated with small (or micro-) flares. This kind of wave activity was first discovered with the SOHO/SUMER spectrometer from Doppler velocity measurements of hot emission lines, thus also often called SUMER oscillations. They were mainly interpreted as global (or fundamental mode) standing slow magnetoacoustic waves. In addition, increasing evidence has suggested that the decaying harmonic type of pulsations detected in light curves of solar and stellar flares are likely caused by standing slow-mode waves. The study of slow magnetoacoustic waves in coronal loops has become a topic of particular interest in connection with coronal seismology. We review recent results from SDO/AIA and Hinode/XRT observations that have detected both standing and reflected intensity oscillations in hot flaring loops showing the physical properties (e.g., oscillation periods, decay times, and triggers) in accord with the SUMER oscillations. We also review recent advances in theory and numerical modeling of slow-mode waves focusing on the wave excitation and damping mechanisms. MHD simulations in 1D, 2D and 3D have been dedicated to understanding the physical conditions for the generation of a reflected propagating or a standing wave by impulsive heating. Various damping mechanisms and their analysis methods are summarized. Calculations based on linear theory suggest that the non-ideal MHD effects such as thermal conduction, compressive viscosity, and optically thin radiation may dominate in damping of slow-mode waves in coronal loops of different physical conditions. Finally, an overview is given of several important seismological applications such as determination of transport coefficients and heating function.
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