This paper presents a Full-Duplex Dual-Band (FDDB) OFDM radio architecture that enables the radio transceiver to be more flexible and provides a viable radio link capacity gain. A simple but practical I/Q imbalance estimation and compensation method, based on the frequency-flat-fading behavior of the self-interference channel, is proposed. The performance of the proposed I/Q imbalance compensation method is evaluated by system level simulations conducted with ADS and Matlab. The co-simulation results show that the proposed radio transceiver could potentially increase the physical layer transmission rate by four times compared to the conventional radio link at the cost of tolerable loss of BER performance. The I/Q imbalance compensation method can effectively compensate both high and low I/Q imbalance without the problem of algorithm convergence.