I know it will cook a stock clutch over a period of time in a manual trans.
In an automatic, I'd guess it could burn up the clutch packs. I'm assuming it's a automatic.

It can and will ruin the rear brakes unless you run with a line lock.

It will run your tires bald but that's obviouse.

I doubt doing dougnts will ruin steering.

that should cover it. am I missing anything guys?