Road Traffic Information System is a key component of the modern intelligent transportation system. Road signaling systems can be made more efficient if real time information from different road sensors and vehicles can be fed in to a wide area controller to optimize the traffic flow, journey time, as well as safety of road users. The VANET architecture provides an excellent framework to develop an advanced road traffic signaling system. In this paper we present a unique VANET based road traffic signaling system that could significantly improve traffic flow, energy efficiency and safety of road users. The VANET based system has been developed using a distributed architecture by incorporating the distributed networking feature. In this paper we first introduce a new Intelligent Road Traffic Signaling System (IRTSS) system based on the VANET architecture. The paper presents some initial simulation results which are obtained by using an OPNET based simulation model. Simulation results show that the proposed architecture can efficiently serve road traffic using the 802.11p based VANET network.