We report on a new approach to a global CKM matrix analysis taking into account most recent experimental and theoretical results. The statistical framework (Rfit) developed in this paper advocates frequentist statistics. Other approaches, such as Bayesian statistics or the 95% CL scan method are also discussed. We emphasize the distinction of a model testing and a model dependent, metrological phase in which the various parameters of the theory are estimated. Measurements and theoretical parameters entering the global fit are thoroughly discussed, in particular with respect to their theoretical uncertainties. Graphical results for confidence levels are drawn in various one and two-dimensional parameter spaces. Numerical results are provided for all relevant CKM parameterizations, the CKM elements and theoretical input parameters. Predictions for branching ratios of rare K and B meson decays are obtained. A simple, predictive SUSY extension of the Standard Model is discussed.