This paper presents an approach toward comprehensive discrete-continuous modeling and accurate dynamical simulation of dextrous manipulation. The resulting hybrid-state model integrates time-driven mechanical features of manipulation systems as well as their discrete-event aspects resulting from varying contact situations. It can easily be embedded into sophisticated simulation environments. A MATLAB implementation serves us as a tool for mechatronic control design for grasping systems. Results from dynamical simulations of a four-fingered hand grasping and manipulating an object demonstrate the efficiency and high accuracy of our approach.