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Efficient complex perfect reconstruction filter bank structures based on cosine and sine modulated filter bank sections have recently been introduced. In the transmultiplexer configuration, these filter banks can be used as a basis when developing filter bank based multicarrier systems for wireless communications. Also a simple channel equalization concept for such systems has been proposed recently. This so-called ASCET structure uses an oversampled analysis bank in receiver end to be able to do the equalization in per-carrier way. In this paper we explore the possibilities of implementing the receiver bank and equalizer sections with a digital signal processor (DSP), using the TMS320C5510 as the platform. Both single- processor and two-processor designs are considered. With realistic filter bank parameters, about 1 MHz and 2 MHz sampling rates are possible in the two cases, respectively.