We propose a real-time system for blur estimation using wavelet decomposition. The system is based on an emerging multi-core microprocessor architecture (Cell Broadband Engine, Cell BE) known to outperform any available general purpose or DSP processor in the domain of real-time advanced video processing solutions. We start from a recent wavelet domain blur estimation algorithm which uses histograms of a local regularity measure called average cone ratio (ACR). This approach has shown a very good potential for assessing the level of blur in the image yet some important aspects remain to be addressed in order for the method to become a practically working one. Some of these aspects are explored in our work. Furthermore, we develop an efficient real-time implementation of the novelty metric and integrate it into a system that captures live video. The proposed system estimates blur extent and renders the results to the remote user in real-time.