Well, I think a lot of what we hear about shit like kung fu is exactly that.. shit... but I would say that there is some truth to this kind of training. A) your skin would callous like a mofo B) your nerve endings would slowly die, and C) your bones would become stronger due to Wolfe's law, which is the basic reason why power lifters' bones can endure such loads.

But you'd probably get one really bad case of arthritis down the road..