The ujoint on the front drive shaft of my 2006 m35x went out about a week ago. Not really any warning other then some clicking noise when there was torque on it, accelerating and braking. If u hear any noise like that fix it ASAP. Mine busted off and put a 3/8" hole in the transmission bellhousing. Luckily no fluid in there. So basically, yes this can and probably will cause some damage when it goes. We were only doing about 30 mph.
I ordered a shaft from
http://www.wholesaleimportparts.com
They were very knowledgeable about the circumstance and how to preform the repair. Free shipping and shipped the very next day, ground. Also probably the best price available, $343.60. And, no need to send a core back. They said they're just not worth repairing. In addition the new one will have replacable ujoints, unfortunatly no grease zerks though. I am still waiting for it, should have it tomorrow, they do provide a FedEx tracking number. I'll try to post the quality of it when I receive it, but so far I am very happy with the service I have received from them. Including, promptly returning phone calls, from their sales department and technical support. Hope this helps.