MOST of the time it destroys the ROM. The problem is where the VCC power pin is; if that winds up on a ground pin for the chip and the ground pin can in fact sink to ground then the chip is almost-instantly toast.
Most EPROMs (UV-erased windowed type) will in fact *glow* (through the window) if you do this; guess how I know? Not in a pin, but.... (I used to do a lot of embedded systems work.) And no, EPROMs don't work so well once you do that to them.