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From my understanding (this may not apply to all vehicles) is that Park works by engaging both a forward gear and reverse gear at the same time, effectively locking the transmission. So putting it in Park while driving is almost guaranteed to destroy the transmission. This is also why there's a separate parking brake, highly recommended to use if parking on a hill.
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When you turn the key off, then all but ancient cars will mechanically lock the steering wheel, as a theft prevention measure, meaning you will be completely unable to steer. And no I don't mean the loss of power steering making it hard to steer, I mean physically mechanically locked, you will not be able to steer at all.
TL;DR - Regarding both questions, catastrophic damages and likely death ๐