The narrow-line Seyfert 1 galaxy Markarian 766 exhibits dramatic long term and rapid short term variability in the X-Ray band. The short term variability is on the order of a few hours, whereas the long term variability is on the order of months. In it's high flux state the variation of the hard band (5-10 keV) and the super soft band (0.3-0.8 keV) appear to be totally uncorrelated. On the other hand the lowest flux state shows a correlation between these bands, representing fundamentally different phases of emission. The lowest flux state is characterized by an essentially steady lightcurve, with larger hardness ratio and flattened hard spectrum. The highest flux state has multiple flares, with a consistent hardness ratio, steeper hard spectrum and larger than expected variations in it's soft spectrum. By filtering the spectrum based on the regions of the lightcurve and other model independent tools we can gain some new insight to the spectral and temporal variability of this source. Markarian 766 has been observed eight times with XMM-Netwon since 2000, thus allowing for a more detailed and complete view.