I have a USB powered DVD drive connected to my laptop. I put a DVD in and left the room. Didn't come back till a few hours later. When I came back I found the DVD drive continuously trying to spin-up but failing. I guess the single USB port wasn't able to provide enough power (I found a "Y" cable which solved the issue).
So what actually happens when a device tries to draw too much power from a USB port? Can that actually damage a USB port or the motherboard in any way?