Not really. The jack simply spins around inside the input going around 360 degrees without causing any harm. When you plug the jack in it touches terminals inside the input which press lightly on sides of the jack at different points.
I guess if you spun it around thousands of times eventually you would run wear marks onto the Jack.
But just for getting bumped here and there, don't worry about. Even having a fun old twist like you see people bored on a bus won't do much.
Edited by H20Fidelity - 11/30/12 at 2:41am