  We study Born-Infeld type effective action for unstable D3-brane system
including a tachyon and an Abelian gauge field, and find the rolling tachyon
with constant electric and magnetic fields as the most general homogeneous
solution. Tachyonic vacua are characterized by magnitudes of the electric and
magnetic fields and the angle between them. Analysis of small fluctuations in
this background shows that the obtained configuration may be interpreted as a
fluid consisting of string-like objects carrying electric and magnetic fields.
They are stretched along one direction and the rolling tachyon move in a
perpendicular direction to the strings. Direction of the propagating waves
coincides with that of strings with velocity equal to electric field.
