String Theory of Supertubes

String theory on AdS3 backgrounds arises as an IR limit of Little String Theory on NS5-branes. A wide variety of holographic RG flows from the fivebrane theory in the UV to (orbifolds of) AdS3 in the IR is amenable to exact treatment in worldsheet string theory as a class of null-gauged WZW models. The condensate of stringy winding operators which resolves the near-source structure of fivebranes on the Coulomb branch plays a crucial role in AdS3, revealing stringy structure invisible to the supergravity approximation. The D-brane sector contains precursors of the long strings which dominate black hole entropy in the dual spacetime CFT.