In this paper, we investigate theIp protocol as a transport option for the user traffic in the UMTS Terrestrial Radio Access Network (Utran), where stringent delay bounds are to be met for both real-time and non real-time traffic. We focus on real-time voice traffic and present an analytical model for the multiplexing and transport of voice channels in theUtran usingIp. The novelty of our model is that it analytically includes and quantifies the performance of the timer used in multiplexing arriving Frame Protocol (Fp) frames into largerIp packets. We then validate our work through empirical results on a test-bed emulating theUtran transport functionalities. We show the trade-offs between performance, in terms of delay and link utilization, and quantify optimal values for the timer as well as the number ofFp frames perIp packet for a given output link capacity.