^^ Yea, but its technically totally incorrect.
Clipping: This means the amplifier cannot fully amplify the signal to drive the load. What happens here is that the waves basically get cut off at the top and the bottom.
This generates harmonics and reduces dynamic range. If one drives the amp only a bit into clipping, the effect is virtually inaudible. But already, many more mv are being delivered to the driver. If you really overdrive the amp, it clips hard, and is now trying to reproduce square waves all the time. This means 3x the power is being delivered to the driver. This is not a peak once in a while, this is a constant peak.
What happens? First off, the driveres coils start to over heat. Thus, the glue will start to melt and finally the driver will die. Closed, small, inefficient headphones are worst at heat handling, because there is virtually no air movement to cool things down. High impedance, inefficient headphones also need to absorb more power. Also not a great thing.
Two other factors need to be considered as well. Loud music with limited dynamic range will stress drivers heat wise and content with a lot of bass under the headphones capabilities. This tranform into large cone movement and can also stress mechanical things, up to the little wires just breaking off.
If you overdrive a driver until its really buzzing or ratteling, it will probably die quite quickly in the form of real mechanical damage to where the cone is attached to the rest of the headphone.
That said, its pretty hard to kill a headphone because of the low current being used, but tweeters in loudspeakers for instance will be the fastest to die if you drive an amp into clipping.