Yes, it is going to explode, the chain reaction will cause the whole console to meltdown and subsequently localized fallout.
Microsoft advises fan moders to wear no less than type 3 full ballistic vest with kevlar helmet (purchase special visor from microsoft for better gaming experience) at all time during gaming. Standby a level A hazmat suit (for fallout) and fire extinguisher (for fire) for further protection.

Anyway, don't worry bout it, I've been running the fan mod for over 2 years, still alive and kickin.