Speex Usage

Would speex be a valid method for compressing/decompressing audio for
live communications?
Trying to find something that I can use that would decrease the
bandwidth requirements tremendously, and still be able to be performed
quick enough for live discussion over the air between two
communications devices.

I have connected two communications devices via the Ethernet,
streaming audio via UDP, and the only latency is the internet service
provider and net itself, about 200ms - 750ms depending upon
connection. But I want to find something that will give me a much much
lower bandwidth requirement than "fully uncompressed audio". I wrote
my own quick compressor that cuts the bandwidth in about half, but
still, want to see "how low can I go". hence the current interest in
speex.

Thoughts from anyone?
Or am I better off looking at a different technology.

Thanks,
John