We propose an ultrashort pulse optical code-division multiple-access (O-CDMA) scheme based on a pseudorandom binary M-sequence spectral phase encoding and decoding of coherent mode-locked laser pulses and perform a numerical simulation to analyze its feasibility. We demonstrate the ability to properly decode any of the multiple (eight) 10 Gbit/s users by the matched code selection of the spectral phase decoder. The peak power signal to noise ratio of properly and improperly decoded $8{ imes}10 Gb/s$ signals could be greater than 15 for 127 M-sequence coding.