The feasibility of utilising low-cost, un-cooled vertical cavity surface-emitting lasers (VCSELs) as intensity modulators in real-time optical OFDM (OOFDM) transceivers is experimentally explored, for the first time, in terms of achievable signal bit rates, physical mechanisms limiting the transceiver performance and performance robustness. End-to-end real-time transmission of 11.25Gb/s 64-QAM-encoded OOFDM signals over simple intensity modulation and direct detection, 25km SSMF PON systems is experimentally demonstrated with a power penalty of 0.5dB. The low extinction ratio of the VCSEL intensity-modulated OOFDM signal is identified to be the dominant factor determining the maximum obtainable transmission performance. Experimental investigations indicate that, in addition to the enhanced transceiver performance, adaptive power loading can also significantly improve the system performance robustness to variations in VCSEL operating conditions. As a direct result, the aforementioned capacity versus reach performance is still retained over a wide VCSEL bias (driving) current (voltage) range of 4.5mA to 9mA (275mVpp to 320mVpp). This work is of great value as it demonstrates the possibility of future mass production of cost-effective OOFDM transceivers for PON applications.