1. A system for sharing wavelet domain components among encoded signals, the system operable to: receive a set of a plurality of concurrent, time-varying signals, each of said plurality of concurrent, time-varying signals decomposed and encoded according to a wavelet transform in a plurality of iterations, each iteration consisting of a low-pass filter followed by decimation and a high-pass filter followed by decimation forming a corresponding level of decomposition, each of the plurality of decomposed and encoded signals comprising a set of wavelet coefficients at each level of the decomposition of the encoded signal; using a vector quantization technique, identify one or more sets of wavelet coefficients that are sharable among two or more of the plurality of decomposed and encoded signals at a particular level of decomposition of the plurality of concurrent, time-varying signals; and store the sets of wavelet coefficients of the plurality of decomposed and encoded signals of the plurality of concurrent, time-varying signals, each identified sharable set of wavelet coefficients at a particular level of decomposition being stored only once and shared by two or more of the plurality of decomposed and encoded signals of the plurality of concurrent, time-varying signals.