Space-based gravitational-wave observatories such as the Laser Interferometer Space Antenna (LISA) use time-shifted and time-scaled linear combinations of differential laser-phase beat signals to cancel the otherwise overwhelming laser frequency noise. Nanosecond timing precision is needed to accurately form these Time-Delay Interferometry (TDI) combinations which defines a ~1 meter requirement on the inter-spacecraft ranging capability. The University of Florida Hardware-in-the-loop LISA Interferometry Simulator (UFLIS) has been used to test Time-Delay Interferometry in a configuration which incorporates variable delays, realistic Doppler shifts, and simulated gravitational-wave signals. The TDI 2.0 combinations are exploited to determine the time-changing delays with nanosecond accuracy using a TDI-ranging reference tone. These variable delays are used in forming the TDI combinations to achieve the LISA interferometry sensitivity resulting from 10 orders of magnitude laser frequency noise cancellation.