Waves, boosted branes and BPS states in M-theory
  Certain type II string non-threshold BPS bound states are shown to be related to non-static backgrounds in 11-dimensional theory. The 11-d counterpart of the bound state of NS-NS and R-R type IIB strings wound around a circle is a pure gravitational wave propagating along a generic cycle of 2-torus. The extremal (q_1,q_2) string with non-vanishing momentum along the circle (or infinitely boosted black string) corresponds in D=11 to a 2-brane wrapped around 2-torus with momentum flow along the (q_1,q_2) cycle. Applying duality transformations to the string-string solution we find type IIA background representing a bound state of 2-brane and 0-brane. Its lift to 11 dimensions is simply a 2-brane finitely boosted in transverse direction. This 11-d solution interpolates between a static 2-brane (zero boost) and a gravitational wave in 11-th dimension (infinite boost). Similar interpretations are given for various bound states involving 5-branes. Relations between transversely boosted M-branes and 1/2 supersymmetric non-threshold bound states 2+0 and 5+0 complement relations between M-branes with momentum in longitudinal direction and 1/4 supersymmetric threshold bound states 1+0 and 4+0. In the second part of the paper we establish the correspondence between the BPS states of type IIB strings on a circle and oscillating states of a fundamental supermembrane wrapped around a 2-torus. We show that the (q_1,q_2) string spectrum is reproduced by the membrane BPS spectrum, determined using a certain limit. This supports the picture suggested by Schwarz. 
J.G. Russo and A.A. Tseytlin