A system and method for estimating a signal based on a stream of randomly generated samples. The method includes: (a) receiving a sample; (b) generating a sampling vector; (c) multiplying the sample and the sampling vector to obtain a current back projection; (d) computing a first intermediate vector that represents an average of the current back projection and previous back projections; (e) transforming the first intermediate vector to determine a second intermediate vector; (f) identifying locations where the second intermediate vector attains its k largest values; (g) computing an estimate for the transformation of the signal by solving a system of equations based on the identified locations, the received sample value, previously received sample values, the sampling vector and previously generated sampling vectors; (h) inverse transforming the transformation estimate to determine an estimate of the signal; and (i) storing the signal estimate.