This reminds me of an old post I read on here. Some of you may remember FordRedneck302 (I think that was his name?) He threw a small Sony Xplod amp with gains and bass boost wide open on a pretty beefy sub (don't remember the exact model). He said the sub got warm but didn't get smelly. If the coil on the woofer is designed to handle a certain high wattage of AC power, it can usually handle some DC power without totally frying.
Clipping is still bad, but it's definitely possible to send a square wave at a voice coil and have it survive if it's a strong enough coil and not too much power.
you guys are both right. it wont fry it. completely. You can still damage it pretty good though.