Cisco Policing Configuration.

This is a common configuration found on many ISP routers that limit customer traffic. You can apply this inbound or outbound. You can apply it in both directions at once if you want.  I was able to successfully test it using testmy.net and wan killer from solar winds. 

Equipment Used: Cisco 2851.

(Specify interesting traffic that should be matched. In this case, all traffic)

ip access-list standard police-1mb-internet  
permit any
exit
!

(Classify which traffic this class map applies to)

class-map 1mb-police-internet-class-map
description police-internet outbound traffic to 1mb
match access-group name police-1mb-internet
exit
!

(What policy should be applied to traffic that is classified by the class map)

policy-map 1mb-police-internet-policy-map
description police-internet outbound traffic to 1mb
class 1mb-police-internet-class-map
police cir 1000000 exceed-action drop
exit
!
(Which direction do you want to apply this in and which interface.)

interface gi0/1
service-policy output police-1mb-internet
end
!
WR
!

Policer Applied

Policer Unapplied