FLC OF CL65RJ ENCOUNTERED SEVERE TURB AND WERE UNABLE TO REQUEST LOWER DUE TO RADIO STATIC. UNABLE TO MAINTAIN ASSIGNED ALT; THEY SQUAWKED 7700 AND DSNDED TO SMOOTH ALT.

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WHILE IN CRUISE FLT AT FL370; OPERATING AS FLT FROM IAH- CVG; WE APCHED AND ENTERED AN AREA OF HIGH ALT CLOUDS APPROX 150 NM SW OF PXV VOR WHILE NAVING ON AIRWAY J29. WE STARTED TO ENCOUNTER SOME LIGHT TURB AND NOTIFIED THE FLT ATTENDANT AND TURNED ON THE SEAT BELT SIGN. SHORTLY AFTERWARD; WE ENCOUNTERED SEVERE TURB. THE AUTOPLT TRIPPED OFF AND WHILE I TRIED TO MAINTAIN OUR ASSIGNED ALT; THE AIRSPD LOST ABOUT 25 KTS. AT THIS POINT WE REQUESTED AN IMMEDIATE DSCNT TO A LOWER ALT BUT COULD NOT RECEIVE ANY INSTRUCTIONS FROM ATC DUE TO STATIC ON THE RADIO. WE THEN ENTERED 7700 INTO THE XPONDER AND CONTINUED TO DSND TO FL350. I ASKED THE FO TO TRY TO ESTABLISH COM WITH ATC USING THE #2 RADIO. COMS WAS RE- ESTABLISHED AND WE NOTIFIED ATC OF THE SIT AND EXPLAINED THE EVENT. WE RECEIVED OUR ORIGINAL XPONDER CODE AND A CLRNC TO DSND TO FL290. THERE WAS NO DAMAGE TO THE ACFT AND THERE WERE NO INJURIES TO THE CREW OR PAX. THE FLT CONTINUED TO THE DEST IN SMOOTH RIDE CONDITIONS. AT THE TIME OF THE INCIDENT; WE FELT THAT THE CTLABILITY OF THE ACFT WAS COMPROMISED AND THE SAFETY OF THE FLT WAS IN JEOPARDY. WITH THAT IN MIND; I EXERCISED THE PIC EMER AUTH TO MEET THE NEEDS OF THE EMER TO ENSURE THE CONTINUED SAFETY OF THE FLT.