Classical Fermi Fluid and Geometric Action for $c=1$

We formulate the $c=1$ matrix model as a quantum fluid and discuss its classical limit in detail, emphasizing the $\hbar$ corrections. We view the fermi fluid profiles as elements of \winf-coadjoint orbit and write down a geometric action for the classical phase space. In the specific representation of fluid profiles as `strings' the action is written in a four-dimensional form in terms of gauge fields built out of the embedding of the `string' in the phase plane. We show that the collective field action can be derived from the above action provided one restricts to quadratic fluid profiles and ignores the dynamics of their `turning points'.