Most newer monitors just won't display refresh rates that are above the preprogrammed limits (I'm pretty sure my Viewsonic PS790 won't, though I haven't tried it in a while, so my memory might be off). If it does let you, it may shorten the display's life, since you'll be working the electron deflection circuitry harder than it's built for.
With older monitors, you could even permanently damage them by setting the refresh/resolution way too high! The electronics would try to display the requested signal and would overheat almost immediately.