The process $\rm e^+e^- \to \gamma\gamma (\gamma)$ is studied using 
data collected by the OPAL detector at LEP between the years 
1997 and 2000. The data set corresponds to an integrated luminosity 
of 672.3~pb$^{-1}$ at centre-of-mass energies lying 
between 181 GeV and 209 GeV. This process is dominated by QED and the
available high statistics sample allows for stringent tests of this
special branch of electroweak theory. Total and differential 
cross-sections are determined and found to be in good agreement with 
the predictions of the Standard Model. From fits to the observed 
angular distributions limits are obtained on cut-off parameters, 
contact interactions of the type $\rm e^+e^-\gamma\gamma$, the scale of 
low scale gravity as well as mass and coupling of excited electrons. 
In events with three photons in the final state the mass spectrum 
of photon pairs is investigated. No resonance $X\to\gamma\gamma$ 
is found and limits are placed on the $\rm X \gamma$ production 
cross-section times branching ratio.