The theory of nearly incompressible magnetohydrodynamics (NI MHD) was developed to understand the apparent incompressibility of the solar wind and other plasma environments, particularly the relationship of density fluctuations to incompressible manifestations of turbulence in the solar wind and interstellar medium. Of interest was the identification of distinct leading-order incompressible descriptions for plasma beta β ≫ 1 and β ∼ 1 or ≪ 1 environments. In the first case, the “dimensionality” of the MHD description is 3D whereas for the latter two, there is a collapse of dimensionality in that the leading-order incompressible MHD description is 2D in a plane orthogonal to the large-scale or mean magnetic field. Despite the success of NI MHD in describing fluctuations in a low-frequency plasma environment such as the solar wind, a basic turbulence description has not been developed. Here, we rewrite the NI MHD system in terms of Elsässer variables. We discuss the distinction that emerges between the three cases. However, we focus on the β ∼ 1 or ≪ 1 regimes since these are appropriate to the solar wind and solar corona. In both cases, the leading-order turbulence model describes 2D turbulence and the higher-order description corresponds to slab turbulence, which forms a minority component. The Elsäasser β ∼ 1 or ≪ 1 formulation exhibits the nonlinear couplings between 2D and slab components very clearly, and shows that slab fluctuations respond in a passive scalar sense to the turbulently evolving majority 2D component fluctuations. The coupling of 2D and slab fluctuations through the β ∼ 1 or ≪ 1 NI MHD description leads to a very natural emergence of the “Goldreich-Sridhar” critical balance scaling parameter, although now with a different interpretation. Specifically, the critical balance parameter shows that the energy flux in wave number space is a consequence of the intensity of Alfvén wave sweeping versus passive scalar convection by leading-order 2D Elsässer fluctuations, with critical balance being achieved when Alfvén wave sweeping balances passive scalar convection by leading-order 2D Elsässer fluctuations. Besides yielding predictions of 2D and slab spectra for Elsässer fluctuations, NI MHD shows that density fluctuations are advected by the majority or dominant incompressible velocity fluctuations. In the case of β ∼ 1 or ≪ 1, the density spectrum is Kolmogorov in the perpendicular wave number, thus providing a possible explanation for the observed extended Kolmogorov-like power law spectrum for electron density fluctuations in the interstellar medium.