Recently Segev et al. (Phys. Rev. E 64,2001, Phys.Rev.Let. 88, 2002) made long-term observations of spontaneous activity of in-vitro cortical networks, which differ from predictions of current models in many features. In this paper we generalize the EI cortical model introduced in a previous paper (S.Scarpetta et al. Neural Comput. 14, 2002), including intrinsic white noise and analyzing effects of noise on the spontaneous activity of the nonlinear system, in order to account for the experimental results of Segev et al.. Analytically we can distinguish different regimes of activity, depending from the model parameters. Using analytical results as a guide line, we perform simulations of the nonlinear stochastic model in two different regimes, B and C. The Power Spectrum Density (PSD) of the activity and the Inter-Event-Interval (IEI) distributions are computed, and compared with experimental results. In regime B the network shows stochastic resonance phenomena and noise induces aperiodic collective synchronous oscillations that mimic experimental observations at 0.5 mM Ca concentration. In regime C the model shows spontaneous synchronous periodic activity that mimic activity observed at 1 mM Ca concentration and the PSD shows two peaks at the 1st and 2nd harmonics in agreement with experiments at 1 mM Ca. Moreover (due to intrinsic noise and nonlinear activation function effects) the PSD shows a broad band peak at low frequency. This feature, observed experimentally, does not find explanation in the previous models. Besides we identify parametric changes (namely increase of noise or decreasing of excitatory connections) that reproduces the fading of periodicity found experimentally at long times, and we identify a way to discriminate between those two possible effects measuring experimentally the low frequency PSD.