A Time-Delay Neural Network to decode Speech Traces into Phoneme Codes in Real time is presented. Such network associates traces of LPC Spectral Parameters with strings of 8-bit Phonetic Codes from a Phonetic Encoding Scheme, which is also presented. The LPC Adaptive Parameter Extractor and the Time-Delay Neural Network may be easily integrated under a common recursive loop in the Time Domain, allowing a fast implementation in VLSI with small memory requirements, which convert this hybrid structure in a powerful Phoneme Spotter, to be used in Speech Recognition or in the Assesment of the Speech Trace. A set of experiments is presented to show the ability of the Neural Network to determine the most significant elements in the LPC vectors from several speakers.