Yep, totally safe to redline your car!!

http://www.youtube.com/watch?v=zcEhDA8jMAM

Lol!!

Just kidding, not sure what happened with the 'vette, but I mostly agree with mrphotoman. I'm sure hammering on an engine like that everyday will lower the longevity of any engine, but once in a while is fine on a modern vehicle with the protective electronics in place. Plus, when using the autostick in our cars, it will hold the car in gear right up to the very edge of being in the red before it shifts. It never really hits the redline, barely.