The advent of software radio technology has enabled radio developers to design and implement radios with great ease and flexibility. Software radios are effective in experimentation and development of radio designs. However, they have limitations when it comes to high-speed, high-throughput designs. This limitation can be overcome by introducing a hardware element to the software radio platform. Enhancing GNU Radio for Hardware Accelerated Radio Design project implements such a scheme by augmenting an FPGA co-processor to a conventional GNU Radio flow. In this thesis, this novel platform is evaluated in terms of performance of a radio design, as well as hardware and software system requirements. A simple and efficient Zigbee receiver design is presented. Implementation of this receiver is used as a proof-of-concept for the effectiveness and design methodology of the modified GNU Radio. This work also proposes a scheme to extend this idea for design of ultra-wideband radio systems based on multiband-OFDM.