An innovative scheme to convert signal from digital to analog is investigated in this paper. The Walsh transform allows to perform a direct and an arbitrary waveform generation without any radio circuits such as modulators or mixers. The modulated signal is encoded by coefficients which represent its carrier frequency and the information contained in the envelope. We present a Proof-of-Concept (PoC) using Components off-theshelf (COTS) to demonstrate a low frequency arbitrary waveform generator (AWG). The system is composed of digital signal processing using Matlab code, a FPGA, digital step attenuators, DAC and an active combiner. We exhibit measurements results of modulated signals between 0 and 2.08MHz with an output power of 0dBm.