[MAzevedo]

For heavily clipped material, you will get intersample peaks much greater than .03 dB. The "over" lights won't go off (I personally have my limiter ceiling at -0.3dB), but you can still clip the analog stage in a cheap D/A.

A good way to see this: Take a mix and clip it hard, then drop the level -0.1dB. You'll see no overs on you meters. Now, sample-rate convert it, up or down. The resulting files will have overs in it from the aliasing filter in the SRC. The same changes happen in D/A filtering as in SRC filtering, a clipped signal can and usually will have intersample peaks meaningfully higher than full scale.