1. A link adaptation method, comprising: storing, at a node, a set of values of transmit parameters (ν 1. .. ν i ) and corresponding selection probabilities (P(ν 1 ). .. P(ν i )) for each of the transmit parameters (ν 1. .. ν i ), wherein each of the transmit parameters (ν 1. .. ν i ) is associated with a corresponding selection probability; stochastically selecting, at the node by a stochastic transmit parameter selection module (STPSM), a particular transmit parameter from a set of available transmit parameters based on the selection probabilities (P(ν 1 ). .. P(ν i )) associated with each of the transmit parameters; transmitting a packet from the node according to the particular transmit parameter; receiving, at the node, transmission feedback information which relates to transmission of the packet according to the particular transmit parameter, and using the transmission feedback information to derive performance statistics related to the transmission of the packet according to the particular transmit parameter; using the performance statistics to specify an estimated performance function (EPF) (F) for the particular transmit parameter that reflects estimated performance associated with the particular transmit parameter; and updating a selection probability computation function (SPCF) to generate updated selection probabilities, selection probabilities (P(ν 1 ). .. P(ν i )) corresponding to each transmit parameter (ν 1. .. ν i ) in the set of available transmit parameters (ν 1. .. ν i ).