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In this letter, we analyze a voice over IP (VoIP) capacity in a cognitive radio system. We formulate the system as a two-dimensional discrete time Markov chain (DTMC). The VoIP traffic and wireless channel in the cognitive radio system are described as a Markov modulated Poisson process (MMPP) model and a Markov channel model, respectively. We demonstrate various numerical and simulation results, such as packet dropping probability and VoIP capacity.