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So... no?

But really, if I buy more apps and not get charged, and get my account frozen, what harm would it do?

You can't get updates... nor download free ones. I accidently had this happen and owed $1.50. Oops.

I just bought some stuff with paypal and it took DAYS for it to debit. Ye gads, i had a case open with iTunes support anyway and they kept checking on it for me.

My debit card purchases are instant, much prefer this way.
 
I think it's fairly clear that the repercussions of not paying an iTunes balance means that your account is suspended. Whether Apple tracks the IP and prevents you from re-registering is another story. I say proceed with caution and you get what you pay for ... or don't pay for.
 
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