Can we use wavelet denoising in real time signal processing ?

I am using a MPU-6050. In order to reduce the drift in the gyro a have to eliminate the noise(mostly high frequency) from the raw gyroscopr. I came across various literature which suggest Wavelet denoising. I am able to denoise the previously stored signal(.mat file) using Wavelet Signal Denoiser toolbox . But I need to do it in real time . Currently I am reading data from the arduino through serial port to matlab environment. How can I use wevelet denoising here .