A system and method for IP-based telephone communication utilizing speech-generated text is disclosed. An embodiment of the present invention includes an interface to the Internet for sending and receiving voice and video signals. In addition, the embodiment generates text signals corresponding to voice signals generated by the user. A transmission signal is generated from the text signals and the voice signals for transmission over the Internet. Further, the embodiment of the present invention includes an application which is capable of receiving video and/or speech-generated data transmitted by another device, and concurrently displaying the speech-generated data and video to a user. The speech-generated data may be converted to an audio signal and applied to a speaker concurrently with the video and speech-generated data. In this way, a user is capable of easily communicating speech-generated information to another user during periods of voice signal loss.