We propose and examine theoretically a four-wave-mixing experiment in which excitons in Cu2 O are pumped directly into a state with wave vector k=0 by two counter-propagating cross-polarized laser pulses and which is subsequently probed by a third time-delayed pulse. Approximate analytical solutions of the time evolution equations are found which describe the time dependence of the exciton and photon densities. Most importantly, we obtain the dependence of the resulting phase-conjugated signal versus the delay time td between the probe and pump pulses. It is shown that the total number of photons generated in the course of the experiment is proportional to the areas of all three incoming pulses. The dependence of the resulting time-integrated signal on the delay time td is the same as the exciton density dependence on the time t. Hence, one may directly study the time evolution of the exciton condensate. The approximate analytical results are compared with a numerical solution of the evolution equations for a wide range of incident pulse intensities. It is noted that an exciton condensate arising by an alternate route can also be probed through a phase-conjugated two-photon process.