Millisecond Oscillations in X-Ray Binaries

The first millisecond X-ray variability phenomena from accreting compact objects have recently been discovered with the Rossi X-ray Timing Explorer. Three new phenomena are observed from low-mass X-ray binaries containing low-magnetic-field neutron stars: millisecond pulsations, burst oscillations and kiloHertz quasi-periodic oscillations. Models for these new phenomena involve the neutron star spin, and orbital motion closely around the neutron star and rely explicitly on our understanding of strong gravity and dense matter. I review the observations of these new neutron-star phenomena and possibly related ones in black-hole candidates, and describe the attempts to use them to perform measurements of fundamental physical interest in these systems.