We present a highly powerful, modular, and interactive software tool for the analysis of time- frequency coherent signals via wavelet transformations. A major design goal of the Wavelet Signal Processing Workstation (WSPW) is to maximize ease of use while minimizing programming complexity. As such, the WSPW makes ample use of graphical mouse driven user interfaces and, in turn, allows powerful signal processing, classification, and identification techniques to be rapidly implemented and tested. Because it has been developed using MATLAB, the WSPW is easily extensible and inherently portable between varying system architectures. Although the emphasis of this paper is on the wavelet representation of signals, the WSPW has proven itself a valuable tool in applications including radar source identification and signal classification.