We study a structure consisting of a ferromagnetic (F) layer coupled to two normal metal (N) leads. The system is driven out of equilibrium by the simultaneous application of external dc and ac voltages across the N/F/N structure. Using the Keldysh diagrammatic approach, and modeling the ferromagnet as a classical spin of size S >> 1, we derive the Langevin equation for the magnetization dynamics and calculate the noise correlator. We find that the noise has an explicit frequency dependence in addition to depending on the characteristics of the ac and dc drive. Further, we calculate the current-voltage characteristics of the structure to O(1/S^2) and find that the nonequilibrium dynamics of the ferromagnetic layer gives rise to corrections to the current that are both linear and nonlinear in voltage. ; Comment: 5 pages, 3 figures, update to published version