It all blows my mind. The consequences range but I'd personally rather avoid all of the following: embarrassment, herpes, heart break, awkwardness, colds, viruses, illness, ruined friendships, pregnancy, sexually transmitted diseases, rumors, bad reputation, crabs, bad relationships, and of course don't forget, everyone's favorite...death. No I'm not being ridiculous. AIDs is a big deal people, despite medical advancements you can still get it, and it still isn't curable.
But honestly, do you really think you'll ever be happily married if all you did was constantly hook up with random people in your past? Why would you ever suddenly settle down? Would you even know how? How about if you tried to build a relationship based on a hook up? I really would like to see a study on that, because I doubt very many people have great solid love lives...