I haven't seen enough audio component schematics to be able to provide a comprehensive answer, but I suspect that more often than not no damage would occur in the case of the line-level analog outputs your question refers to. (Connecting power amplifier outputs together would be a different story altogether, of course).
I would expect that the chances of damage would be greatest if both components have low output impedances, and if one or both of the components is or are attempting to output a high volume signal and continue to do so for a prolonged amount of time. (If neither component were attempting to output a signal there would be little or no difference between the nominally zero volts each component would be attempting to put out, and therefore little or no current would flow). Of course, if signals are being put out the user is likely to be listening, and he or she would presumably and hopefully notice something amiss sonically, and then turn off the system to investigate.
BTW, I see that this is your first post here, so welcome to Audiogon!
Regards,
-- Al