The impulse response of a generalized two-way loudspeaker is modeled and is delay equalized using digital filters. The dominant features of a loudspeaker are low and high corner roll-off characteristics and the behavior at the crossover points. The proposed model characterizes also the main effects of the mass-compliance resonant system. The impulse response, its logarithm and spectrogram, and the magnitude and group delay responses are visualized and compared with those measured from a two-way loudspeaker. The model explains the typical group-delay variations and magnitude-response deviations from a flat response in the passband. The group-delay equalization of the loudspeaker is demonstrated in two different methods. The first method, the time-alignment of the tweeter and woofer elements using a bulk delay, is shown to cause ripple in the magnitude response. The second method, which flattens the group delay of the speaker model in the whole audio range, leads to preringing in the impulse response.