In vitro and/or in vivo experimental tests represent a crucial phase in the development of new ultrasound (US) investigation methods for biomedical applications. Such tests frequently are made difficult by the lack of flexibility of general purpose instruments and commercial US machines typically available in research laboratories. This paper presents a novel, real-time development system specifically designed for US research purposes. Main features of the system are the limited dimensions (it is based on a single electronic board), the capability of transmitting arbitrary waveforms to two probes, of storing the received radio-frequency (RF) echo data in a file and/or of processing them in real-time according to programmable algorithms. As an example of application, results of simultaneous hemodynamic and mechanic investigations in human arteries are reported. However, the high system flexibility and portability make it suitable for a large class of US applications.