Spectral efficiency of WCDMA based spread spectrum 3G/4G air interface technology is highly influenced by the common channel interference, hence the applied Call Admission Control method has great importance because it determines the number of active users admitted to the network. In this paper we present a dynamic air interface CAC algorithm which provides efficient usage of radio resources and allows real-time adaptation to the always changing network parameters. Required CAC parameters are derived for generalized multiplicative fading and generalized memory-less traffic sources. In order to validate its capabilities our proposed CAC method was investigated with ON/OFF traffic sources and lognormal fading channels.