This paper describes a new network architecture, called the Versatile Network Architecture (V-net), which provides a framework for flexible support of communication requirements in real-time networks. V-net differs from other proposed architectures in that it has been designed to support a variety of packet scheduling algorithms and traffic policing mechanisms. In addition, we use simulations to validate V-net, providing an assessment of the correctness of the scheme in guaranteeing the real-time performance requirements of a wide range of multimedia applications and quantify and analyze the effects a variety of V-channel traffic profiles, QoS requirements, and node scheduling policies on the performance of the V-net.