The well-known fixed-target-signal-to-interference-ratio (SIR)-tracking power control (TPC) algorithm provides all users with their given feasible fixed target SIRs but cannot improve the system throughput, even if additional resources are available. The opportunistic power control (OPC) algorithm significantly improves the system throughput but cannot guarantee the minimum acceptable SIR for all users (unfairness). To optimize the system throughput subject to a given lower bound for the users' SIRs, we present a distributed dynamic target-SIR tracking power control algorithm (DTPC) for wireless cellular networks by using TPC and OPC in a selective manner. In the proposed DTPC, when the effective interference (the ratio of the received interference to the path gain) is less than a given threshold for a given user, that user opportunistically sets its target SIR (which is a decreasing function of the effective interference) to a value higher than its minimum acceptable target SIR; otherwise, it keeps its target SIR fixed at its minimum acceptable level. We show that the proposed algorithm converges to a unique fixed point starting from any initial transmit power level in both synchronous and asynchronous power-updating cases. We also show that our proposed algorithm not only guarantees the (feasible) minimum acceptable target SIRs for all users (in contrast to the OPC) but also significantly improves the system throughput, compared with the TPC. Furthermore, we demonstrate that DTPC, along with TPC and OPC, can be utilized to apply different priorities of transmission and service requirements among users. Finally, when users are selfish, we provide a game-theoretic analysis of our DTPC algorithm via a noncooperative power control game with a new pricing function.