Microwave fluctuations contain information on hot-electron energy relaxation, intervalley transfer, real-space transfer, and other ultrafast electronic processes in semiconductors and semiconductor structures. Based on this, the novel fluctuation technique was developed for investigation of ultrafast hot-phonon effects in two-dimensional (2D) and three-dimensional (3D) channels of importance for high-speed electronics. The hot-phonon lifetime (deduced from the hot-electron fluctuations) is in good agreement with the a posteriori reported data obtained through femtosecond-laser pump-probe experiments. Moreover, the fluctuation technique demonstrates the unique experimental possibility to study the lifetime as a function of the electron temperature in a voltage-biased 2D channel, while neither Raman photon scattering nor phonon-assisted inter-sub-band absorption has provided data of this sort as yet.