[en] We study the dynamics of a dilute spherical model with two body interactions and random exchanges. We analyze the Langevin equations and we introduce a functional variational method to study generic dilute disordered models. A crossover temperature replaces the dynamic transition of the fully-connected limit. There are two asymptotic regimes, one determined by the central band of the spectral density of the interactions and a slower one determined by localized configurations on sites with high connectivity. We confront the behavior of this model to the one of real glasses. (author)