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Efficiently reducing complexity and capturing energy are two critical issues for implementing equalizers in a high-rate ultra-wideband communication link with severe intersymbol interference. In this letter, we propose a low-complexity equalization algorithm using iterative interference cancellation. Its complexity is comparable with the Rake receiver, but its performance can approach that of the matched filter bound. The proposed algorithm can accommodate various signaling schemes, including pulse amplitude/position modulation and M-ary bi-orthogonal keying.