I'm also a guitar flipper. Twice I have been burned by doing such stupid sh*t.
One time, my strap actually broke as the guitar was coming back around. It flew over my shoulder and skid across the floor on it's back. It was perfectly fine. Not a scratch on the guitar, although it was a knocked out of tune. It hit the fall on it's side and didn't leave a mark, luckilu.
The second mis hap happened when I was flipping a guitar and was standing a little too close to a wall. Yeah, you guessed it... the head stock flew over my shoulder and went straight into the wall. LOL, I was so drunk that I wasn't phased by how much damage I could have done. The guitar was just knocked severely out of tune. After the set, I picked the guitat back up, tuned it, and checked the intonation. It was dead perfect.
PRS makes gutiars that could take beating...
Yeah, I'm a jerk, I flip $2000 guitars and I'm not Yngwie. Atleast I'm in good shape and the guitar doesn't get caught on my gut when I flip it.