Apparatus (10) and methods for making simultaneous measurements of composition (water-cut), fluid flow, and sound attenuation in a multiphase fluid flowing (15) through a pipe (12) in real-time, using the same apparatus (10) are described. Additionally, the apparatus (10) provides real-time pipe wall thickness monitoring for observing pipe corrosion or internal deposition. Knowledge of wall thickness is necessary to correct for water-cut (oil-water composition) automatically by adjusting the liquid path length internal to the pipe (spool). The use of short duration frequency chirp excitation signals (24) enables the apparatus to provide information that can be used to extract multiple levels of information from the same measurement in multiphase fluids including the presence of a significant quantity of gas (˜60% gas volume fraction) in different flow regimes. Besides measuring steady flow, this device is useful for measurements during fast changing flows, such as for a rod-pumped well. Measurements up to about 1000 times a second can reliably be made.