In high-speed digital wireless communication applications, the intersymbol interference channel may have spectral nulls or erasures, which may degrade the orthogonal frequency division multiplexing (OFDM) bit error rate (BER) performance. In this paper, we prove that the BER performance of the OFDM system is considerably refined if the erased symbols in erasure channel (or received symbols on the deepfaded subcarriers in Rayleigh fading channel) are estimated based on the rest symbols in each OFDM signal. Also, an oversampled OFDM scheme which is a particular form of the pre-coded OFDM schemes is considered to guarantee high enough sampling rate. Furthermore, a new iterative receiver is proposed for perfect symbol recovery. A comprehensive Monte Carlo simulation study is performed to validate the theoretical results and affirm the superior performance of the oversampled OFDM scheme with the iterative receiver, compared with the typical detector for the OFDM scheme. INDEX TERMS Orthogonal frequency division multiplexing (OFDM), intersymbol interference (ISI), erasure channel.