We report results on metastable CuCo ribbons at low Co contents (2 and 10 at %), which were prepared by conventional melt-spinning technique and subsequent annealing. The properties of these materials cannot consistently be described by those of an assembly of superparamagnetic single-domain particles. Magnetic measurements related to magnetic dynamics reveal spin-glass-like properties. Especially, we find very slow nonequilibrium relaxation processes in Co10Cu90, which depend on prehistory, when probing the relaxation of the resistivity. The results are clear evidence for frustrated interaction effects due to magnetic couplings between Co clusters or precipitates in these alloys.