Yep, that would suck and hurt big time. If you look in my garage pics, you'll see one of my friends at Pismo... her wheel came off because she didn't check how tight the lugs were when she put on her paddle tires and rims. She was lucky in that she was going slow at the time.
I actually saw a guy at Rocky Glen last year who's wheel blew off when he landed a double. The axle dug into the ground and he spun in a circle. He leaned enough to the point that the quad didn't flip. Good save and it was awesome to watch, haha.
It happened to me once where my right lower a-arm rod end broke going 30 mph and when it hit the ground it basically flip the bike over while I was still on it and that's when I realized that I was superman until I saw a big tree coming at me or should I say I was heading towards the tree and at the last second I turned in the air and miss the tree but the bike did not. When I finally got back on my feet, noticed the bike was about 3' above the ground hugging the tree between the front and rear tire, it was so funny that I left it there until my buddy came back looking for me, we both laugh our butt off then we realized that we were still about 20 miles from the campsite, talk about a long ride back on 3 wheels.
I guess to go along these lines, my dad told me a story about when he first got his MACH 1, my mom and him were coming back from a tire shop with new back tires. They were heading up this hill and he felt the ass end of the car get lower, here some noise, car slowed down, and both back wheels shot past him. I suppose that is why I always have my 4-way wrench with me after i get tires or have them rotated.