Inexact Circuits or circuits in which accuracy of the output can be traded for cost (energy, delay and/or area) savings, have been receiving increasing attention of late due to invariable inaccuracies in nanometer-scale circuits and a concomitant growing desire for ultra low energy embedded systems. Most of the previous approaches to realize inexact circuits relied on scaling of circuit-level operational parameters (such as supply voltage) to achieve the cost and accuracy tradeoffs, and suffered from serious drawbacks of significant implementation overheads that drastically reduced the gains. In this thesis, two novel architecture-level approaches called Probabilisttc Pruning and Probabilistic Logic Minimization are proposed to realize inexact circuits with zero overhead. Extensive simulations on various architectures of datapath elements and a prototype chip fabrication demonstrate that normalized gains as large as 2X-9.5X in Energy-Delay-Area product can be obtained for relative error as low as 10 -6 % - 1% compared to corresponding conventional correct designs.