With a latest processor, you'd damage it, or at least get it to a danger point below 10 seconds easily without a heatsink, since without a heatsink, theres no taking out of any heat, so the chip is just getting hotter and hotter.
Without a fan, the heat isn't being expelled properly from the heatsink, so heat build up will still occur, and still rather fast.
I've seen a video where they took the heatsink of, and it started smoking after about 3 seconds. Thats how bad it can get.
Without a fan, I wouldn't be so sure, but I wouldn't do it at all to be honest.
PENTIUM:
With Pentium CPU's, they do have a temperature limiter though, and if it exceeds a certain temperature, slows down the core, etc, until the core reaches safe temperature levels, and this can save ALOT of CPU's with for example sudden fan failure.
If yours was one with that feature, though still not compltley safe to do so, you probably wouldn't be able to damage it.
You'd just receive a really really really slow computer that hardly works, until you connect it back up.