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This paper considers the performance analysis of coded OFDM systems over frequency-selective fading channels. It is shown that both the random coding upper bounds and the strong converse lower bounds of a coded OFDM system converge to the channel outage probability for large OFDM block lengths. Thus primary attention is given to the analysis of the outage probability, which is taken as the optimal system performance. Instead of evaluating the outage probability numerically, we provide in this paper a simple analytical close form approximation of the outage probability for a coded OFDM system over frequency-selective quasistatic fading channels. Simulation results of the turbocoded OFDM systems further confirm the approximation of the outage probability.