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In Part I of this paper, we presented a mathematical model for communication subject to both network interference and noise, where the interferers are scattered according to a spatial Poisson process, and are operating asynchronously in a wireless environment subject to path loss, shadowing, and multipath fading. We determined the distribution of the aggregate interference and the error performance of the link. In this second part, we characterize the capacity of the link subject to both network interference and noise. Then, we put forth the concept of spectral outage probability (SOP), a new characterization of the aggregate radio-frequency emission generated by communicating nodes in a wireless network. We present some applications of the SOP, namely the establishment of spectral regulations and the design of covert military networks. The proposed framework captures all the essential physical parameters that affect the aggregate network emission, yet is simple enough to provide insights that may be of value in the design and deployment of wireless networks.