This paper presents DIANA, a new computational model of human speech processing. It is the first model that simulates the complete processing chain from the on-line processing of an acoustic signal to the execution of a response, including reaction times. Moreover it assumes minimal modularity. DIANA consists of three components. The activation component computes a probabilistic match between the input acoustic signal and representations in DIANA’s lexicon, resulting in a list of word hypotheses changing over time as the input unfolds. The decision component operates on this list and selects a word as soon as sufficient evidence is available. Finally, the execution component accounts for the time to execute a behavioral action. We show that DIANA well simulates the average participant in a word recognition experiment.