NaSt1 (aka Wolf-Rayet 122) is a peculiar emission-line star embedded in an extended nebula of [N ii] emission with a compact dusty core. This object was characterized by Crowther & Smith (1999) as a Wolf-Rayet (WR) star cloaked in an opaque nebula of CNO-processed material, perhaps analogous to η Car and its Homunculus nebula, albeit with a hotter central source. To discern the morphology of the [N ii] nebula we performed narrowband imaging using the Hubble Space Telescope and Wide-field Camera 3. The images reveal that the nebula has a disk-like geometry tilted ≈12 • from edge-on, composed of a bright central ellipsoid surrounded by a larger clumpy ring. Ground-based spectroscopy reveals radial velocity structure (±10 km s −1 ) near the outer portions of the nebula's major axis, which is likely to be the imprint of outflowing gas. Near-infrared adaptive-optics imaging with Magellan AO has resolved a compact ellipsoid of K s -band emission aligned with the larger [N ii] nebula, which we suspect is the result of scattered He i line emission (λ2.06 µm). Observations with the Chandra X-ray Observatory have revealed an X-ray point source at the core of the nebula that is heavily absorbed at energies < 1 keV and has properties consistent with WR stars and colliding-wind binaries. We suggest that NaSt1 is a WR binary embedded in an equatorial outflow that formed as the result of non-conservative mass transfer. NaSt1 thus appears to be a rare and important example of a stripped-envelope WR forming through binary interaction, caught in the brief Roche-lobe overflow phase.