Based on minimizing a piece wise differentiable lp function subject to a single inequality constraint, this paper discusses algorithms for a discretized regularization problem for ill-posed inverse problems. We examine computational challenges of solving this regularization problem. Possible minimization algorithms such as the steepest descent method, iteratively weighted least squares (IRLS) method and a recent globally convergent affine scaling Newton approach are considered. Limitations and efficiency of these algorithms are demonstrated using the geophysical travel time tomographic inversion and image restoration applications.