We review a theoretical scenario for the origin of the spin-glass phase of underdoped cuprate materials. In particular it is shown how disorder in a correlated d-wave superconductor generates a magnetic phase by inducing local droplets of antiferromagnetic order which eventually merge and form a quasi-long range ordered state. When correlations are sufficiently strong, disorder is unimportant for the generation of static magnetism but plays an additional role of pinning disordered stripe configurations. We calculate the spin excitations in a disordered spin-density wave phase, and show how disorder and/or applied magnetic fields lead to a slowing down of the dynamical spin fluctuations in agreement with neutron scattering and muon spin rotation (mSR) experiments.