Opportunistic selection and rate adaptation play a vital role in improving the spectral and power efficiency of current multi-node wireless systems. However, time-variations in wireless channels affect the performance of opportunistic selection and rate-adaptation in the following ways. Firstly, the selected node can become sub-optimal by the time data transmission commences. Secondly, the choice of transmission parameters such as rate and power for the selected node become sub-optimal. Lastly, the channel changes during data transmission. In this thesis, we develop a comprehensive and tractable analytical framework that accurately accounts for these effects. It differs from the extensive existing literature that primarily focuses on time-variations until the data transmission starts. Firstly, we develop a novel concept of a time-invariant effective signal-to-noise ratio (TIESNR), which tractably and accurately captures the time-variations during the data transmission phase with partial channel state information available at the receiver. Secondly, we model the joint distribution of the signal-to-noise ratio at the time of selection and TIESNR during the data transmission using generalized bivariate gamma distribution. The above analytical steps facilitate the analysis of the outage probability and average packet error rate (PER) for a given modulation and coding scheme and average throughput with rate adaptation. We also present extensive numerical results to verify the accuracy of each step of our approach and show that ignoring the correlated time variations during the data transmission phase can significantly underestimate the outage probability and average PER, whereas it overestimates the average throughput even for packet durations as low as 1 msec.