if the motor was anyway half decent, it should run, but at over twice it's design speed. Eventually the motor will burn out, but for short periods it should not do any permanent damage on most units.
Needless to say, this is should NEVER be done. Apart from the risk of burning out the motor. Much more serious issues arise when running tools at TWICE their design speed.
The above is my experience of doing what you describe when 'young and foolish'. It depends on the motor and power tool. Regardless, it is a foolish and dangerous practice regardless of the circumstances.
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