The document describes a project by the SPECS Team to perform real-time spectral analysis of large data sets using an FPGA board. The team includes students and faculty from multiple departments who are developing both hardware and software. They are using MATLAB for analysis and algorithm development, Xilinx ISE to design hardware, and an FPGA board for physical implementation. The document provides background on Fourier analysis and how it can decompose signals into frequencies. It also describes the team's work implementing filters and FFT on the FPGA to perform spectral analysis.