There's a cheat/glitch in the first Ratchet and Clank game where you can glitch onto one of the race tracks whilst on foot. Positioning yourself under a bunch of crates (so they're off screen) and using the Taunter (a soundwave weapon) in their direction, allows you to break the crates for bolts. The crates, being off-screen, instantly re-spawn on the race track, allowing the players to continue to break them and receive the bolts. This allows you to buy the more expensive items such as the R.Y.N.O, as well as the Gold Weapon upgrades.
The drawback is that doing this for too long is that it can "burn" this ring into the disk which can make the game unstable or even unreadable.
What's the likelihood of something similar to happen in other games? The glitch in Ratchet and Clank was fixed up in PAL copies and the HD Re-Release would have that fix but I'm more thinking in terms of something like:
In an RPG, being back and forwards in a small location to get random encounters to grind exp, even going so far as to have a controller or macro repeatedly press the confirm button so just the basic move is performed
Having the game in a pause screen or menu where the game is effectively paused