I've seen a .223 case that was fired in an AK. It actually fired. It bulged the <K9 excrement> out of the case. It didn't cycle the action, and accuracy and velocity were extremely unimpressive. It's not good for the gun, and could be hazardous to the shooter.
I've heard two myths regarding the 7.62X39/7.62X51.
The first being that the 7.62X39 could function in the M14 because it was just slightly smaller than the 7.62X51, but the VC couldn't shoot the 7.62X51 in their AK's because it wouldn't chamber. In reality, the 7.62X39 is too short to headspace and fire in a 7.62X51 chamber unless somehow the extractor holds it against the bolt face. This myth is partially correct in that the 7.62X51 ABSOLUTELY WILL NOT chamber in a 7.62X39 chamber. It won't fit in the magazine, either.
The second myth being that the VC's could shoot 7.62X51 in their AK's (Impossible - see above), but the 7.62X39 would blow up an M14 because the bullet is .003" larger than the bullet in the 7.62X51. (Unlikely)