It is possible if you get into the habit of slamming those discs in hard, or if you spin the CD in the wrong direction when you swap. You really have to set out to break it though...
I have yet to get the swap trick to work. I ordered a mod chip next day air instead. seems worth the 25 bucks to not have to swap out cd-roms for the next 30 are so years.. If this one dies I can just buy another saturn and move the chip..
After two years, it seems my Saturn has issues getting up to speed again after checking for the security label on an original game.

It's happened twice so far. I'm fairly gentle, too... at least I think so.

Here are some details you probably should note:

1) there are some games that require a double swap. Wipeout and Scud: Disposable Assassin are two that come to mind.

2) There are some games that search for the copy protection mid game. A certain bomberman (I can't remember the title - NOT 3D) and Mechwarrior 2 are two games that come to mind.

Essentially, it'd be in your best interest to get a mod chip. While you're at it, buy some originals, too. =)
I have about 30 original Saturn games and a back up copy of Shining Wisdom. A friend of mine wants to trade Mr. Bones and Castlevania Bloodlines for my original copy of Shining Wisdom. The only problem is that my game is in mint condition; his Mr. Bones is pretty roughed up and Castlevania is cartrige only.

My policy on ISO's is: only use as last resort since you'll never be able to complete your collection unless you do. There are some mint in box games on ebay but....

As far as the mod chips are concerned, next time you're in Canada will you breeze by my place and install one for me?
Just get one from Lan-Kwei (really cheap), print out the instructions for your model and look up computer repairs in the phonebook. Someone in there will do it with instructions. That's what I did after breaking one Saturn fitting one. They installed it for something like £5
My Saturn has lasted since i bout it when they first came out. I'm really gentle with the swap trick and i still play with it every now and then.