Well I wouldn't say no chance as it really does depend on a lot of factors, but I wouldn't really worry about revving an engine myself, as nothing bad ever came from it for me. I've had cars bouncing off the limiter for long periods, doing donuts and only stopping when the temp gets high. Everything you do to drive a car damages the engine, from starting it up to idling in traffic, revving the engine into the red line causes more damage, but nobody can tell you you'll definitely blow up your engine from revving it high, unless it's some engine that is known to blow up from revving high, like a rover V8.
Also going along at 60mph and putting it into first is no guarantee you'll blow up an engine either, as I've done something similar many times, without blowing up engines.
What car are you driving? If you're trying to accelerate as fast as possible to merge, revving the engine into the red line is usually not the fastest way, it's different for every car where the best place to change gear is.