A recently realized concept of a reconfigurable hardware test-bed suitable for real-time mobile communication with multiple antennas is presented in this paper. We discuss the reasons and prerequisites for real-time capable MIMO transmission systems which may allow channel adaptive transmission to increase link stability and data throughput. We describe a concept of an efficient implementation of MIMO signal processing using FPGAs and DSPs. We focus on some basic linear and nonlinear MIMO detection and precoding algorithms and their optimization for a DSP target, and a few principal steps for computational performance enhancement are outlined. An experimental verification of several real-time MIMO transmission schemes at high data rates in a typical office scenario is presented and results on the achieved BER and throughput performance are given. The different transmission schemes used either channel state information at both sides of the link or at one side only (transmitter or receiver). Spectral efficiencies of more than 20 bits/s/Hz and a throughput of more than 150 Mbps were shown with a single-carrier transmission. The experimental results clearly show the feasibility of real-time high data rate MIMO techniques with state-of-the-art hardware and that more sophisticated baseband signal processing will be an essential part of future communication systems. A discussion on implementation challenges towards future wireless communication systems supporting higher data rates (1 Gbps and beyond) or high mobility concludes the paper.