We study Born-Infeld type effective action for unstable D3-brane system including a tachyon and an abelian gauge field, and find the rolling tachyon with constant electric and magnetic fields as the most general homogeneous solution. Tachyonic vacua are characterized by magnitudes of the electric and magnetic fields and the angle between them. Analysis of small fluctuations in this background shows that the obtained configuration may be interpreted as a fluid consisting of string-like objects carrying electric and magnetic fields. They are stretched along one direction and the rolling tachyon move in a perpendicular direction to the strings. Direction of the propagating waves coincides with that of strings with velocity equal to electric field.