Yep. It'll go bang in a big way. If you're realy unlucky it'll seize up at speed, locking the rear wheel, which could cause a horrible off if you don't get to the clutch in time. Better still, it could seize and throw the chain, which could wind itself around the hub / sprocket / whatever and lock up the wheel, except that this time the clutch won't save you.
I'm not trying to scare you and the odds of it happening are fairly slim but the damage it could do both to he bike and you are fairly considerable.
I'm not trying to scare you and the odds of it happening are fairly slim but the damage it could do both to he bike and you are fairly considerable.