PHENIX has measured the e^+e^- pair continuum in sqrt(s_NN)=200 GeV Au+Au and p+p collisions over a wide range of mass and transverse momenta. The e^+e^- yield is compared to the expectations from hadronic sources, based on PHENIX measurements. In the intermediate mass region, between the masses of the phi and the J/psi meson, the yield is consistent with expectations from correlated c^bar-c production, though other mechanisms are not ruled out. In the low mass region (below the phi) the p+p inclusive mass spectrum is well described by known contributions from light meson decays. In contrast, the Au+Au minimum bias inclusive mass spectrum in this region shows an enhancement by a factor of 4.7+/-0.4(stat)+/-1.5(syst)+/-0.9(model) At low mass (m_ee<0.3 GeV/c^2) and high p_T (1