  We present archival RXTE and simultaneous ASCA data of the eclipsing low mass
X-ray binary (LMXB) X 1822-371. Our spectral analysis shows that a variety of
simple models can fit the spectra relatively well. Of these models, we explore
two in detail through phase resolved fits. These two models represent the case
of a very optically thick and a very optically thin corona. While systematic
residuals remain at high energies, the overall spectral shape is
well-approximated. The same two basic models are fit to the X-ray light curve,
which shows sinusoidal modulations interpreted as absorption by an opaque disc
rim of varying height. The geometry we infer from these fits is consistent with
previous studies: the disc rim reaches out to the tidal truncation radius,
while the radius of the corona (approximated as spherical) is very close to the
circularization radius. Timing analysis of the RXTE data shows a time lag from
hard to soft consistent with the coronal size inferred from the fits. Neither
the spectra nor the light curve fits allow us to rule out either model, leaving
a key ingredient of the X 1822-371 puzzle unsolved. Furthermore, while previous
studies were consistent with the central object being a 1.4 Msol neutron star,
which has been adopted as the best guess scenario for this system, our light
curve fits show that a white dwarf or black hole primary can work just as well.
Based on previously published estimates of the orbital evolution of X 1822-371,
however, we suggest that this system contains either a neutron star or a low
mass (~ 2.5 Msol) black hole and is in a transitional state of duration
shortward of 10^7 years.
