Power allocation with peak-to-average power ratio constraints is investigated for transmission over Nakagami-m fading channels with arbitrary input distributions. In the case of delay-limited block-fading channels, we find the solution to the minimum outage power allocation scheme with peak-to-average power constraints and arbitrary input distributions, and show that the signal-to-noise ratio exponent for any finite peak-to-average power ratio is the same as that of the peak-power limited problem, resulting in an error floor. In the case of the ergodic fully-interleaved channel, we find the power allocation rule that yields the maximal information rate for an arbitrary input distribution and show that capacities with peak-to-average power ratio constraints, even for small ratios, are very close to capacities without peak-power restrictions.