  Starting from the non-linear sigma model of the IIB string in the light-cone
gauge, we analyze the role of RR fluxes in Holography. We find that the
worldsheet theory of states with only left or right moving modes does not see
the presence of RR fields threading a geometry. We use this significant
simplification to compute part of the strong coupling spectrum of the two
dimensional NCOS theory. We also reproduce the action of a closed string in a
PP-wave background using this general formalism; and we argue for various
strategies to find new systems where the closed string theory may be exactly
solvable.
