Abstract: The present invention includes both a system and a method for locating a source of a randomly modulated radio signal. In one form of the invention, at least three receiving stations at known locations receive and process the randomly modulated radio signal. A common reference level is selected for the radio signal at each of the receiving stations. The times of arrival at each receiving station of selected transitions of the radio signal with reference to the common reference level are determined. Each receiving station provides an indication of the times of arrival of the selected transitions to a central facility for processing to provide an indication of the location of the signal source.