A packet loss concealment method and system is described that attempts to reduce or eliminate destructive interference that can occur when an extrapolated waveform representing a lost segment of a speech or audio signal is merged with a good segment after a packet loss. This is achieved by guiding a waveform extrapolation that is performed to replace the bad segment using a waveform available in the first good segment or segments after the packet loss. In another aspect of the invention, a selection is made between a packet loss concealment method that performs the aforementioned guided waveform extrapolation and one that does not. The selection may be made responsive to determining whether the first good segment or segments after the packet loss are available and also to whether a segment preceding the lost segment and the first good segment following the lost segment are deemed voiced.