Speaker damage can loosely be catagorized into two broad categories: thermal damage & mechanical (mainly excursion) damage. Dropping a tonearm on a record at high amplification will produce extreme excursions or pulse in a woofer where a voice coil can hop out of its gap & miss when it tries to return generally damaging itself in the process. This is unlikely (although I did it once in my youth w/ a 250 watt amp and a JBL 12" woofer). However esp with older speakers large excursions can stress & damage the suspension components - the spider & esp the foam surrounds which sometimes age rather poorly.
-Torin
-Torin