In dynamically varying optical wireless communication (OWC) links, conventional quadrature amplitude modulation (QAM) in optical orthogonal frequency-division multiplexing (OFDM) requires frequent channel estimation and equalization, incurring pilot overhead and processing latency. This paper proposes a virtual polarization modulation (VPM)-based direct-current-biased optical OFDM (DCO-OFDM) scheme that maps each data symbol onto the three-dimensional Stokes space and places its corresponding Jones vector across two adjacent OFDM subcarriers. Using a rotation-based analytical framework, closed-form symbol error rate (SER) expressions are derived for arbitrary spherical constellations, along with upper and lower bounds and high signal-to-noise ratio (SNR) approximations. The framework is further extended to practical OWC scenarios with frequency-selective channels and atmospheric turbulence. Monte Carlo (MC) simulations validate the theoretical results. The results show that under practical OWC impairments, VPM outperforms QAM with least-squares (LS) channel estimation and minimum mean square error (MMSE) equalization. At a target SER of $10^{-5}$, 16-VPM achieves SNR gains of approximately 7.5 dB and 4 dB over equalized 16-QAM and 8-QAM, respectively, in frequency-selective channels, and a 6 dB advantage over equalized 16-QAM under atmospheric turbulence. By eliminating the need for channel state information, the proposed VPM-based DCO-OFDM provides a robust and low-latency solution for dynamic OWC links.