A semi-implicit numerical method for time accurate simulation of compressible flow is presented. By extending the low Mach number pressure correction method, a Helmholtz equation for pressure is obtained in the case of compressible flow. The method avoids the acoustic CFL limitation, allowing a time step restricted only by the convective velocity, resulting in significant efficiency gains. Use of a discretization that is centered in both time and space results in zero artificial damping of acoustic waves. The method is attractive for problems in which Mach numbers are low, and the acoustic waves of most interest are those having low frequency, such as acoustic combustion instabilities. Both of these characteristics suggest the use of time steps larger than those allowable by an acoustic CFL limitation. In some cases it may be desirable to include a small amount of numerical dissipation to eliminate oscillations due to small-wavelength, high-frequency, acoustic modes, which are not of interest; therefore, a provision for doing this in a controlled manner is included in the method. Results of the method for several model problems are presented, and the performance of the method in a large eddy simulation is examined.