A couple of days ago I did an extremely quick'n'dirty Google search: "can square waves blow speakers". I examined the top three results that impressed me as unbiased, well-supported, scientific. Fortunately they happened to be the top three in the search list. It was interesting that none mentioned danger to woofers from low-power clipped signals... they focused on tweeter damage.
Again, this was a very quick search, and three search hits don't remotely count as a consensus. Rane was the only site I recognized... I've no idea who the other two guys are. Still, I'd like to submit them for discussion/comment (if anyone feels like doing so). Here are links and excerpts.
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Title: Too Little Power Blowing Speakers
http://www.bcae1.com/2ltlpwr.htm
Author's conclusion re woofers:
* 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.
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Title: Power Amplifier Clipping and its Effects on Loudspeakers
[Invalid or Expired Link Removed]
(no excerpt - mainly concerns threat to tweeters)
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Title: Speaker Damage
Link Removed
Excerpts:
This is the old "how does clipping blow up a woofer" problem. I know that woofers rarely blow up, even with severe overload, and in essence they seem to be immune (although that might overstate things a bit!). This is (or would be) true, but for one small detail. Few speakers (including woofers) can tolerate their full rated power on a continuous basis. The rating is more for "amplifier power" than speaker power.
....
There are - naturally - limits. A 10W woofer won't last long with a 300W amp driving it at anywhere near full power on transients, but a 100W woofer will last forever with a 10W amp in permanent overload. Some common sense must be applied, but a typical 100W woofer will probably last forever with a 200W amp used sensibly.
The comment above is aimed more at the risk of tweeter damage, but it can happen with midrange drivers and woofers too, given the right (or wrong) set of circumstances. One issue with many modern recordings is excessive compression, and this can increase the average power level dramatically, even before amp clipping.