This prototype transceiver is built using discrete components. It communicates in a 500MHz band centered at 5.355GHz using BPSK pulses with a pulse repetition frequency of 50MHz. The received signal is down-converted to I/Q baseband signals using off-the-shelf discrete components. The baseband signals are digitized by dual 8-bit Atmel ADCs. Synchronization and demodulation are implemented in a Xilinx Virtex II FPGA enabling real-time communication at 50Mb/s. The transceiver communicates with a PC over USB2.0. Real-time one-way transmission of a video stream over the air has been demonstrated at a 50Mb/s raw data rate using this transceiver.