Ultraspectral sounders revolutionize the way remote sensing data are collected, retrieved, and assimilated to provide better weather, climate, and environmental prediction and monitoring. This unprecedented amount of ultraspectral data increases the burden of data bandwidth and the chance of transmission noise and error contamination. It is desired that source coding of ultraspectral data also have some error-resilient capability, in addition to the error-correcting channel coding. Earlier, we developed three-dimensional wavelet reversible variable-length coding (3DWT-RVLC) for lossless compression of ultraspectral sounder data, which has significantly better error resilience than JPEG2000 Part 2 at only a small reduction in compression gain. The reversible variable-length codes allow instantaneous decoding in both directions, which affords better detection of bit errors due to synchronization losses over a noisy channel. To explore the feasibility of 3DWT-RVLC for real-time ultraspectral data processing, we implement a memory-limited digital signal processor (DSP) version of 3DWT-RVLC. Compression experiments on 10 ultraspectral test granules obtained from the NASA Atmospheric Infrared Sounder show that the memory-limited DSP-based 3DWT-RVLC is able to perform high-speed data processing at only a small reduction in compression ratio as compared to the original 3DWT-RVLC.