High speed real-time precise traffic monitoring and control has gained significant interests by researchers in this field recently. This is mainly due to the fact that precise traffic measurement and analysis in a high-speed IP network environment is not a simple task. Let alone, control of such traffic in real-time is another big challenge. This paper addresses such complicated issues and proposes a novel solution which can precisely measure traffic in high-speed IP networks, classify them per application, create detailed flow-aware traffic information, and control per application basis. It includes motivation, architecture, and mechanisms. We have embedded capabilities of lossless packet capturing, deep packet inspection, and flow generation into hardware level. We describe major features, design concepts, implementation, and performance evaluation result.