Systems and methods for multiplexing audio/video data and generating transport streams for WiFi network with reduced latency for real time playback at a remote device. A virtual presentation clock reference (PCR) representing a scheduled transmission time of a transport stream packet at a transport stream multiplexer is calculated based on the network transmission rate and generation of the data packets. The virtual PCR is compared with the corresponding system PCR to derive a time difference. Based on the time difference, the transport stream multiplexer is configured to adaptively drop packets or throttle packet generation so as to synchronize the playback of audio/video data on a sink device with the generation of interleaved audio/video packets.