  We investigate the pp-wave limit of the AdS_3\times S^3\times K3
compactification of Type IIB string theory from the point of view of the dual
Sym_N(K3) CFT. It is proposed that a fundamental string in this pp-wave
geometry is dual to the c=6 effective string of the Sym_N(K3) CFT, with the
string bits of the latter being composed of twist operators. The massive
fundamental string oscillators correspond to certain twisted Virasoro
generators in the effective string. It is shown that both the ground states and
the genus expansion parameter (at least in the orbifold limit of the CFT)
coincide. Surprisingly the latter scales like J^2/N rather than the J^4/N^2
which might have been expected. We demonstrate a leading-order agreement
between the pp-wave and CFT particle spectra. For a degenerate special case
(one NS 5-brane) an intriguing complete agreement is found.
