The equilibrium fluctuations and weakly out-of-equilibrium relaxation properties of “doped solvent" dilute lamellar phases are investigated, both theoretically and experimentally, in the low-frequency, long-wavelength limit. The physical system of interest is a three-component smectic A lyotropic liquid crystal where surfactant bilayers infinite in extent are periodically stacked along one direction in space and separated by a colloidal solution. Two experimentally relevant modes are found in the lowest frequency part of the fluctuation spectrum of such multicomponent systems. Both are associated to the relaxation of coupled layer displacement and colloid concentration waves. In the limit of small coupling, one mode is close to the well-known undulation/baroclinic mode of two-component lamellar phases, while the other corresponds to the Brownian diffusive motion of the colloid in an anisotropic medium. Elastic constants of the smectic liquid crystal and diffusion parameters of the colloidal solution may be deduced from a measurement of the anisotropic dispersion relation of these two modes, as illustrated by dynamic light scattering experiments on the ferrosmectic system.