  Discovery of the 6.7-hour periodicity in the X-ray source 1E 161348-5055 in
RCW 103 has led to investigations of the nature of this periodicity. We explore
a model for 1E 161348-5055, wherein a fast-spinning neutron star with a
magnetic field $\sim 10^{12}$ G in a young pre-Low-Mass X-ray Binary (pre-LMXB)
with an eccentric orbit of period 6.7 hr operates in the "propeller" phase. The
6.7-hr light curve of 1E 161348-5055 can be quantitatively accounted by a model
of orbitally-modulated mass transfer through a viscous accretion disk and
subsequent propeller emission (both Illarionov-Sunyaev type and
Romanova-Lovelace et al type), and spectral and other properties are also in
agreement. Formation and evolution of model systems are shown to be in
accordance both with standard theories.
