Symbol by symbol variable code rate capable communication device. A communication device is operable to perform processing of a variable code rate signal whose code rate varies on a symbol by symbol basis. This may involve performing encoding of input to generate the variable code rate signal; alternatively, this may involve performing decoding of a variable code rate signal. In doing so, this approach may involve using a single encoder and/or decoder (depending on the application). In some instances, a single device is operable to encode a first variable code rate signal (for transmission to another device) and to decode a second variable code rate signal (that has been received from another device). In addition, a method of coding (including one or both of encoding and decoding) may also operate of a variable code rate signal whose code rate varies on a symbol by symbol basis.