For car audio, here's a sight with some expanation what's going on.
http://www.bcae1.com/2ltlpwr.htm
It summarizes:
" * If your speakers are capable of handling significantly more than your amplifier can produce, driving them with a clipped signal will not likely hurt them.
* If the speakers can handle 3 or 4 times the power that your amplifier can produce, there's virtually no way to damage your speakers (no matter how clipped the signal is).
* If your speakers are rated for the same power handling as your amplifier is capable of producing cleanly, driving them with a clipped signal for extended periods of time may cause speaker damage and/or premature failure.
* If your speakers are rated for the same power handling as your amplifier is capable of producing cleanly, driving them with a square wave signal for extended periods of time will likely cause speaker damage. "
Looks like good solid advice even for bass amps/cabinets.