Many modern computing applications have been enabled through the use of real-time multimedia processing. While several hardware architectures have been proposed in the research literature to support such primitives, these fail to address applications whose performance and resource requirements have a dynamic aspect. Embedded multimedia systems typically need a power and computation efficient design in addition to good compression performance. In this paper, we introduce a Polymorphic Wavelet Architecture (Poly-DWT) as a crucial building block towards the development of embedded systems to address such challenges. We illustrate how our Poly-DWT architecture can potentially make dynamic resource allocation decisions, such as the internal bit representation and the processing kernel, according to the application requirements. We introduce a filter switching architecture that allows for dynamic switching between 5/3 and 9/7 wavelet filters and leads to a more power efficient design. Further, a multiplier-free design with a low adder requirement demonstrates the potential of Poly-DWT for embedded systems. Through an FPGA prototype, we perform a quantitative analysis of our Poly-DWT architecture, and compare our filter to existing approaches to illustrate the area and performance benefits inherent in our approach.