  We study correlated electron states in frustrated geometry of a triangular
lattice. The interplay of long range interactions and finite residual entropy
of a classical system gives rise to unusual effects in equilibrium ordering as
well as in transport. A novel correlated fluid phase is identified in a wide
range of densities and temperatures above freezing into commensurate solid
phases. The charge dynamics in the correlated phase is described in terms of a
height field, its fluctuations, and topological defects. We demonstrate that
the height field fluctuations give rise to a ``free'' charge flow and finite dc
conductivity. We show that freezing into the solid phase, controlled by the
long range interactions, manifests itself in singularities of transport
properties.
