Spectrally and energy efficient orthogonal frequency division multiplexing (SEE-OFDM) is an optical OFDM technique based on combining multiple asymmetrically clipped optical OFDM (ACO-OFDM) signals into one OFDM signal. By summing different components together, SEE-OFDM can achieve the same spectral efficiency as DC-biased optical OFDM (DCO-OFDM) without an energy-inefficient DC-bias. This paper introduces multiple methods for decoding a SEE-OFDM symbol and shows that an iterative decoder with hard decisions gives the best performance. Being a multi-component format, different energy allocation amongst the different components of SEE-OFDM is possible. However, equal energy allocation performs 1.5 dB better than unequal energy allocation. A hard-decision, iterative subtraction receiver can further increase performance by another 1.5 dB over soft-decision subtraction and reconstruction receivers. SEE-OFDM consistently performs 3 dB or better and with higher spectral efficiency than ACO-OFDM at the same bit-error-rate (BER). Comparing other combination methods at the same BER, SEE-OFDM performs up to 3 dB better than hybrid asymmetrically clipped optical (OFDM) (HACO-OFDM) and up to 1.5 dB better than asymmetrically and symmetrically clipped optical OFDM (ASCO-OFDM) and enhanced unipolar OFDM (eU-OFDM) when using hard decisions at the receiver. Additionally, SEE-OFDM has the best peak-to-average-power rate (PAPR) as compared to the other combination OFDM formats and ACO-OFDM, which makes it excellent for any range limited optical source, such as laser diodes and light-emitting diodes (LEDs). In summary, SEE-OFDM is shown to have excellent properties to glean additional capacity from an intensity modulation and direct detection (IM/DD) optical wireless communications system.