The spiral model is a software development process that combines elements of both design and prototyping-centric models. It involves iterating through four phases - planning, risk analysis, engineering, and evaluation - with each iteration intended to incrementally approach completion of the project. The spiral model aims to reduce risk at each phase by gathering user feedback and requirements and addressing risks before proceeding. It is suited for large, complex projects where requirements are not fully known. An example is a project creating a video mail system for illiterate users through iterative user testing and feedback.