Wavelet Packet based Multi-Carrier Modulation (WPMCM) offers an alternative to the well-established OFDM as an efficient multicarrier modulation technique. It has strong advantage of being a generic transmission scheme whose actual characteristics can be widely customized to fulfill several requirements and constraints of an advanced communication systems. However, a few research questions remain to be addressed before the novel WPMCM can be used in practice. One of the major concerns is the performance of WPMCM transceivers in the presence of analogue radio frequency front-end imperfections. In this paper we analyze the impact of interference in WPMCM transmission caused by the carrier frequency offset and phase noise. The sensitivity of WPMCM transceivers to these errors using standard wavelets is evaluated through simulation studies and their performances are compared and contrasted with OFDM.