The present invention includes both a system and a method for locating a source of a randomly modulated signals. In one form of the invention at least three receiving stations receive and process the randomly modulated signal. A common reference level is selected at each of the receiving stations. The times of arrival at each receiving station of the selected transitions of the signal with reference to the common reference level are determined. Each of the receiving stations provides an indication of the selected transitions to a center facility for processing to provide an indication of the location of the signal.