The asymptotic behavior of level clipped orthogonal frequency-division multiplexing when its order N approaches infinity is analyzed. It is shown that if the clipping level approaches infinity faster than /spl radic/lnN, then a zero bit-error rate penalty and arbitrarily large peak to-average power ratio (PAPR) gain are asymptotically obtained. Moreover, the expression for the probability of clipping is found, and using it, the upper bound of the probability of error is derived. This upper bound can be used to analyze the tradeoff between PAPR and probability of error.