We report multiwavelength observations of the optical counterpart of t
he ROSAT X-ray source RX J0515.6+0105. Optical photometric data spanni
ng similar to 1 yr reveal eclipse features that are deep, total, and v
ariable in profile. The eclipse timings give an orbital ephemeris of J
D. similar or equal to 2449087.8173(3)+0.332612(7) E, with considerabl
e phase Jitter caused by the variable eclipse profiles. The system is
characterized by a soft thermal spectrum (kT(bb) similar or equal to 3
3 eV), strong He II lambda 4686 emission, large-amplitude radial veloc
ity variations consistent with emission from an accretion stream, and,
most significantly, significant circular polarization. Taken together
, these characteristics strongly suggest that RX J0515.6+0105 is a mag
netic cataclysmic variable, most likely an AM Herculis system in which
the accretion column/stream is eclipsed. However, the possibility tha
t the white dwarf rotates asynchronously, and that RX J0515.6+0105 is
a DQ Her system, has not yet been ruled out unequivocally. The optical
light curve is characterized by a strong asymmetric brightness modula
tion at twice the orbital frequency, and by quasi-periodic oscillation
s with a characteristic timescale of 6-15 minutes. The orbital modulat
ion is likely caused by a combination of cyclotron beaming and by the
varying aspect of the accretion stream and secondary star, both of whi
ch are heated by radiation from the accretion column and are seen with
the largest projected area at orbital quadrature. The cause of the qu
asi-periodic oscillations is unknown, but may be related to radiation-
driven oscillations near the inner Lagrangian point. Spectroscopic obs
ervations suggest the possibility of cyclotron features near 8500 and
5900 Angstrom. These wavelengths are roughly consistent with those exp
ected for the second and third harmonics of cyclotron radiation origin
ating from an similar to 61 MG held. Observations obtained during ecli
pse reveal the secondary star to be a slightly evolved M0-M1 dwarf, an
d allow us to place a lower limit on the distance of RX J0515.6+0105 o
f similar to 500 pc.