You can warp your rotors (all corners for that matter), brake pads, clutch can burn up, extended wear on rear end, tire wear (duh), and possible rubber chunks sticking to undercarriage and rear bumper.
I blew the pinion in my rear-end at 60k. Had 3.55's put in and about 2k miles later the posi unit is wiped, no fun with one wheel peel.
Brakes are cheap and easy to fix, plus you shouldn't need the brakes. Clutches, transmissions and rear-ends are expensive. I've blown a few automatic transmissions in Chevy's and ruined a few clutches. Don't forget the flywheel, you'll need it resurfaced also.