Interference limits performance in wireless networks. Cooperation among radios can help manage interference by forming distributed MIMO systems, while the rate at which they cooperate is limited in most scenarios due to physical constraints. In this work, we aim to explore theoretical and practical aspects of interference management with limited cooperation among radios. First we study the two-user Gaussian interference channel with limited receiver/transmitter cooperation to understand how much interference can limited cooperation mitigate in a canonical setting. We characterize the capacity region to within a constant gap regardless of channel parameters, and accordingly identify the gain from cooperation in capacity both qualitatively and quantitatively. Second, we investigate the problem of practical implementation of the proposed scheme throughout the above information theoretic analysis. In particular, we aim to implement quantize-map-and-forward relaying scheme, which plays a central role in receiver cooperation. We propose a signaling and coding framework involving bit-interleaved coded modulation and low-density graph-based linear codes, in companion with polynomial-time relaying/decoding algorithms.