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In this paper, we formulate a delay-power control (DPC) scheme for wireless networking, which efficiently balances delay against transmitter power on each wireless link. The DPC scheme is scalable, as each link autonomously updates its power based on the interference observed at its receiver; no cross-link communication is required. It is shown that DPC converges to a unique equilibrium power and several key properties are established, concerning the nature of channel bandwidth sharing achieved by the links. The DPC scheme is contrasted to the well-known Foschini-Miljanic (FM) formulation for transmitter power control in wireless networks, and some key advantages are established. Based on the DPC and FM schemes, two protocols are developed, which leverage adaptive tuning of DPC parameters. One of them is inspired by TCP and exhibits analogous behavior. This paper primarily focuses on the theoretical underpinnings of DPC and their practical implications for efficient protocol design. The DPC dynamics are also investigated numerically.