Clipping can result. It gets a little complicated, because it depends which implementation method you're using, what type of file you're talking about, what music player you're using, how much the particular file is being corrected, etc. etc. Here's a pretty good article:
http://wiki.hydrogenaudio.org/index.php?title=Replaygain
I use foobar2000 and so far I've only applied ReplayGain to MP3 files. I haven't been able to detect any audible clipping in my use of it so far, but your mileage may vary.
They might know more about it over in the Sound Science forum.
Edited by StratocasterMan - 1/4/13 at 7:57am