It could happen, but they are pretty easy to replace these days. What I found when I used a hand mixer before I got my Kitchen Aid was to move the mixer up and down too, instead of just leaving in down in teh bowl. That seemed to help take some of the strain off hte motor.
Not to scare you, but I did burn up two of my hand held mixers with royal icing .. borrowed my sister-in-laws .. burned up that baby as well ... I've buried many mixers .. and color flow? I would not even attempt it ...
My handmixer almost burned. I had to open it up and clean inside all the butter and powder sugar it had built up. After that it ran well. I would suggest you use a damp kitchen towel over your bowl to protect your mixer, and turn it off if it sounds like it is in trouble. Then wait a little and start again. Good luck 
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