An integrated optical 2$ imes$2 add/drop multiplexer in X-cut, Y-propagating LiNbO$_3$ has been demonstrated. The device consists of passive polarization splitters and acousto-optical mode converters with weighted coupling utilizing tapered acoustical directional couplers; their specific design and properties are discussed. The insertion loss has been measured to be about -8.16 ㏈ and -8.6 ㏈ for TE and TM polarizations, respectively. The device shows a 3 ㏈ bandwidth of 2.3 nm, a tuning rate 8.34 nm/MHz around λ = 1554 nm, and a sidelobe suppression of about 14.5 ㏈. Optimum operation is achieved with a RF drive power of about 43 ㎽. Multi-wavelength operation has been demonstrated.