your transmission would probably leap out of the car and you might die, depending on how fast you are going...

that'd be my best guess

The park pawl likely won't engage, and you will hear what sounds like a very loud ratchet sound. If it does manage to engage, you may break it. You don't fail the transmission, simply the lever (pawl) that holds the vehicle from rolling in park.

Yea but in something like a 330i that doesn't have the newer electronic transmission like the 7s and the 07 x5's, if you threw the gear selector up...oh lawd, I can't imagine the damage (and carnage)

I was referring to any automatic transmission, not just one with an electronic shifter. The noise the OP heard was the ratcheting noise I referred to. Same happens on any automatic. At higher speeds, the pawl simply won't engage and you will hear the same noise.

here is the thing, since its a electronic shifter shouldnt it have a built in feature that would just not engage reverse/park if the car is moving?

yes it does, see my earlier post