We derive a master equation describing the evolution of a quantum system subjected to a sequence of observations. These measurements occur randomly at a given rate and can be of a very general form. As an example, we analyse the effects of these measurements on the evolution of a two-level atom driven by an electromagnetic field. For the associated quantum trajectories we find Rabi oscillations, Zeno-effect type behaviour and random telegraph evolution spawned by mini quantum jumps as we change the rates and strengths of measurement.