It is possible. One of the effects of spinning up a bullet too fast is core stripping. This is where angular acceleration is so great that a non-bonded core will actually slip inside the bullet jacket by the forces extruding it a little forward and narrower. At exit, the core is actually loose inside the bullet and it an the jacket equalize each other's velocity in proportion to their masses, the core picking up a little rotation, but the jacket losing more. Harold Vaughn measured this happening in a 270 Winchester when it was pushed past about 3150 fps with the bullet he had. He did it by measuring the velocity on a chronograph and the rate of spin with a magnetometer reading a tiny disc magnet he's put in the nose of the bullet. The loose jacket probably does open and strip away more easily on impact, so the core effectively becomes a separate projectile and disintegrates to become part of the red mist.
There's a lot of confusion about "overstablization". For practical purposes, there is no such thing at the relatively flat rifle trajectories, and you can prove this by overspinning copper or bronze solids. There is a phenomenon in high firing angle artillery where a bullet will fail to point into the wind fast enough to keep up with the changing angle of the tangent to the trajectory. This is called failing to trace. The projectile tries to maintain its orientation until the air catches it at an extreme enough angle to start it tumbling. Bryan Litz estimated that at flat firing angles below about 20° angle of departure (IIRC) no bullet suffers from this. That is, at lower firing angles they all correct into the wind, albeit more slowly when spinning fast. The bullet just covers more ground for each epicyclic correcting iteration, but the range over which the net correction occurs doesn't change. So, for example, a typical bullet might have to travel 200 yards before 80% of the initial yaw that occurs as it shifts from spinning on the bore axis to spinning on the axis of the yaw of repose. If you spin it faster, it still damps out 80% over 200 yards, but if you count the number of coning cycles of the tip they are fewer and their radius diminishes more per cycle.
There are still some drawbacks to overspinning in addition to core stripping of conventional construction bullets. First, there is an absolute limit that is one turn in some number of calibers (like 20 calibers or so, IIRC). The British, I think it was, did experiments that found they simply couldn't launch bullets with faster spins than that successfully. They would strip in the rifling at practical pressures and just wouldn't go accurately into the night no matter what they did. So this means there is a limit to how long, in calibers, a bullet can be made before it isn't possible to spin it fast enough to stabilize it.
Another problem is that as spin increases, everything affect by increase in gyroscopic stability factor increases. The yaw of repose increases, so spin drift increases and there is an increase in drag associated with that. The amount by which a bullet's POI increases or decreases with wind increases with that as well. And, of course, you have the issue of wobble if there is any imperfection in bullet mass symmetry. It's all well and good to say modern bullets can all handle it, but long range shooters have found some bullets shooting better or more consistently than others even at normal spin rates, and the added dispersion is caused by drift initiation with lobbing the bullet out of the muzzle with a slightly off-bore-axis CG.
The best stability calculator I've seen is the old McGyro calculator that Robert L. McCoy devised. It's main drawback is it takes more comprehensive entry arguments.
Geoffrey Kolbe has it on his site.
Sierra's rule of thumb is still pretty good. For "hunting accuracy" and service rifle match shooting, a gyroscopic stability factor of 1.3 to 3.0 is best. For super precision shooting 1.4 to 1.7 is generally satisfactory, with the edge going to the lower end of that range.