The stationary problem for the free boundary incompressible Navier-Stokes equations lies at the confluence of two distinct lines of inquiry in fluid mechanics. The first views the dynamic problem as an initial value problem. In this context, the stationary problem arises naturally as a special type of global-in-time solution with stationary sources of force and stress. One then expects solutions to the stationary problem to play an essential role in the study of long-time asymptotics or attractors for the dynamic problem. The second line of inquiry, which dates back essentially to the beginning of mathematical fluid mechanics, concerns the search for traveling wave solutions. In this context, a huge literature exists for the corresponding inviscid problem, but progress on the viscous problem was initiated much more recently in the work of the speaker and co-authors. For technical reasons, these results were only able to produce traveling solutions with nontrivial wave speed. In this talk we will discuss the well-posedness theory for the stationary problem and show that the solutions thus obtained lie along a one-parameter family of slowly traveling wave solutions. This is joint work with Noah Stevenson.