In today's OFDMA networks, the transmission power is typically fixed and the same for all the sub-carriers that compose a channel. The sub-carriers though, experience different degrees of fading and thus, the received power is different for different sub-carriers; while some frequencies experience deep fades, others are relatively unaffected. In this paper, we make a case of redistributing the power across the sub-carriers (subject to a fixed power budget constraint) to better cope with this frequency selectivity. Specifically, we design a joint power and rate adaptation scheme (called JPRA for short) wherein power redistribution is combined with sub-carrier level rate adaptation to yield significant throughput benefits. We further consider two variants of JPRA: (a) JPRA-CR where, the power is redistributed across sub-carriers so as to support a maximum common rate (CR) across sub-carriers and (b) JPRA-MT where, the goal is to redistribute power such that the transmission time of a packet is minimized. While the first variant decreases transceiver complexity and is simpler, the second is geared towards achieving the maximum throughput possible. We implement both variants of JPRA on our WARP radio testbed. Our extensive experiments demonstrate that our scheme provides a 35% improvement in total network throughput in testbed experiments compared to FARA, a scheme where only sub-carrier level rate adaptation is used. We also perform simulations to demonstrate the efficacy of JPRA in larger scale networks.