This paper illustrates a Universal Software Radio Peripheral (USRP)-based real-time testbed that is able to evaluate different spectrum management solutions that exploit the Cognitive Radio (CR) paradigm. The main objective of this testbed is to provide an accurate and realistic platform by which the performance of innovative spectrum management solutions for a wide set of scenarios and use cases in the context of Opportunistic Networks (ONs) and Cognitive Radio Networks (CRNs) can be entirely validated and assessed before their implementation in real systems. Real-time platforms are essential to carry out significant studies and to accurately assess the performance of innovative solutions before their implementation in the real world. This work provides a comprehensive description of the testbed, highlighting many interesting implementation details and illustrating its applicability for different studies that rely on the CR paradigm. Then, a particular application in a realistic Digital Home (DH) scenario is also illustrated, which allows demonstrating the effectiveness of the real-time testbed and assessing its practicality in terms of user-perceived end-to-end Quality of Experience (QoE) in a realistic environment.