A fading channel emulator particularly suited for simulations of broadband communication systems is investigated. It is based on the overlap-save (OLS) method traditionally used for efficient computation of long discrete Fast Fourier Transforms (FFTs). The resulting emulator shows a statistical accuracy comparable to the best known state-of-the-art techniques while greatly reducing complexity in terms of memory requirements. Therefore it enables real-time simulation and makes the model particularly appealing for a hardware implementation. In addition, the introduction of an OLS-based interpolator enables simulation of very low Doppler frequencies with a high statistical precision.