  GRB 070610 is a typical high-energy event with a duration of 5s.Yet within
the burst localization we detect a highly unusual X-ray and optical transient,
SwiftJ195509.6+261406. We see high amplitude X-ray and optical variability on
very short time scales even at late times. Using near-infrared imaging assisted
by a laser guide star and adaptive optics, we identified the counterpart of
SwiftJ195509.6+261406. Late-time optical and near-infrared imaging constrain
the spectral type of the counterpart to be fainter than a K-dwarf assuming it
is of Galactic origin. It is possible that GRB 070610 and Swift
J195509.6+261406 are unrelated sources. However, the absence of a typical X-ray
afterglow from GRB 070610 in conjunction with the spatial and temporal
coincidence of the two motivate us to suggest that the sources are related. The
closest (imperfect) analog to Swift J195509.6+261406 is V4641 Sgr, an unusual
black hole binary. We suggest that Swift J195509.6+261406 along with V4641 Sgr
define a sub-class of stellar black hole binaries -- the fast X-ray novae. We
further suggest that fast X-ray novae are associated with bursts of gamma-rays.
If so, GRB 070610 defines a new class of celestial gamma-ray bursts and these
bursts dominate the long-duration GRB demographics
