We present a Raman light scattering study of the two-dimensional quantum spin system SrCu2(BO3)2 and show that the magnetic excitation spectrum has a rich structure, including several well-defined bound state modes at low temperature, and a scattering continuum and quasielastic light scattering contributions at high temperature. The key to the understanding of the unique features of SrCu2(BO3)2 is the presence of strong interactions between well-localized triplet excitations in the network of

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... thogonal spin dimers realized in this compound. Based on our analysis of the Heisenberg model relevant for this material, we argue that the collective excitations involving two and three-particle singlet bound states have large binding energies and are observed as well-defined peaks in the Raman spectrum.