To some degree but it will not destroy your woofer. Underpowering is fine as long as you know where the amplifier goes into clipping. When an amplifier fully clips it doubles its rms output capability at .1% thd. As long as you keep the amplifier from clipping you will have no issues. This is typically why we see limiting circuits built into plate amplifiers.
Example:
If an amplifier is capable of 100 watts rms at .1% thd, it will output 200 watts when fully clipped. Now the power isn't really useable as it will sound terrible, but it still is double the power.
The issue that you run into is a if a sub is rated at 125 watts rms and the amp is 100 watts rms @ .1% thd and a person listens with the amplifier partially clipped outputting 150 watts rms the sub will burn up if given enough time.
Too much power over time is what destroys speakers.
Distortion alone cannot destroy a speaker, especially a sub. A 10 watt fully distorted signal played into a subwoofer would be no problem for the sub. Neither would a fully distorted signal at the subs rms power capability. It would simply sound really bad.
If under powering alone destroyed speakers, everytime one turned down the volume and the amplifier outputted 1 watt or so the speakers would be damaged. It does not make sense.
Ideally, for the average user, keep the rms output of the amplifier as close to the rms input of the speaker. For more advanced users after more dynamic capability, it is common to have much more rms power on tap than the speaker is rated for.
Also see my post #17 here:
http://forums.audioholics.com/forums/showthread.php?t=36834&page=2