  Quasi-periodic oscillations and X-ray spectroscopy are powerful probes of
black hole masses and accretion disks, and here we apply these diagnostics to
an ultraluminous X-ray source (ULX) in the spiral galaxy NGC628 (M74). This
object was observed four times over two years with the Chandra X-ray
Observatory and XMM-Newton, with three long observations showing dramatic
variability, distinguished by a series of outbursts with a quasi-period (QPO)
of 4,000-7,000 seconds. This is unique behavior among both ULXs and Galactic
X-ray binaries due to the combination of its burst-like peaks and deep troughs,
its long quasi-periods, its high variation amplitudes of $>90$%, and its
substantial variability between observations. The X-ray spectra is fitted by an
absorbed accretion disk plus a power-law component, suggesting the ULX was in a
spectral state analogous to the Low Hard state or the Very High state of
Galactic black hole X-ray binaries. A black hole mass of $\sim2$--$20\times10^3
M_\odot$ is estimated from the $f_b$--$M_\bullet$ scaling relation found in the
Galactic X-ray binaries and active galactic nuclei.
