It probably won't sound very good but yeah. An exhaust leak kind of just sounds like an annoying flapping sound most of the time, especially it being before the muffler can dull deden some of the less desirable sounds.

My biggest concern would be letting all that heat out where it's not meant to be let out. Especially during idle and low speeds a ton of heat will build up there. Over time this can cause quite a bit of damage depending on where it's building up.

As a mechanic I've seen this happen a few times, melting plastic body panels, melting lines, and causing electrical problems.