The role of general two-impurity multi-trace operators in the BMN
correspondence is explored. Surprisingly, the anomalous dimensions of all
two-impurity multi-trace BMN operators to order g_2^2\lambda' are completely
determined in terms of single-trace anomalous dimensions. This is due to
suppression of connected field theory diagrams in the BMN limit and this fact
has important implications for some string theory processes on the PP-wave
background. We also make gauge theory predictions for the matrix elements of
the light-cone string field theory Hamiltonian in the two string-two string and
one string-three string sectors.Comment: 46 pages, 12 figures. V3:typos correcte
