Spread spectrum (SS) and multicarrier modulation (MCM) techniques are recognized as potential candidates for the design of underlay and interweave cognitive radio (CR) systems, respectively. Direct Sequence Code Division Multiple Access (DS-CDMA) is a spread spectrum technique generally used in underlay CR systems. Orthogonal Frequency Division Multiplexing (OFDM) is the basic MCM technique, primarily used in interweave CR systems. There are other MCM schemes derived from OFDM technique, like Non-Contiguous OFDM, Spread OFDM, and OFDM-OQAM, which are more suitable for CR systems. Multicarrier Spread Spectrum Modulation (MCSSM) schemes like MC-CDMA, MC-DS-CDMA and SS-MC-CDMA, combine DS-CDMA and OFDM techniques in order to improve the CR system performance and adaptability. This article gives a detailed survey of the various spread spectrum and multicarrier modulation schemes proposed in the literature. Fast Fourier Transform (FFT) plays a vital role in all the multicarrier modulation techniques. The FFT part of the modem can be used for spectrum sensing. The performance of the FFT operator plays a crucial role in the overall performance of the system. Since the cognitive radio is an adaptive system, the FFT operator must also be adaptive for various input/output values, in order to save energy and time taken for execution. This article also includes the various efficient FFT algorithms proposed in the literature, which are suitable for CR systems.