what happens if one does that? Not saying I did

 

Depends on how low. If low enough you'll get too much friction inside the engine, and you'll basically blow it apart. That's exaggerating obviously, but you'll render it useless pretty quickly without oil.

 

What about low oil pressure, and i am asking because i am running low oil pressure!!!

 

How low ? Basically if the engine doesnt have enough oil going through the engine it basically becomes unlubricated and is bad to the engine .. Increases wearing of all the parts. And you could possibly blow a seal very ez.

 

30 at idle and 60 at 3k rpms is normal. Anything below that and you want to change your oil/oil filter, maybe go to a lesser weight. example: if you're running 20w50 and you get really low pressure (it's probably because of your filter, but you would want to switch to 10w50 and see if that makes a difference. If it doesn't, then it could be a lot of things.
Low oil pressure = bad.
If you're getting low oil pressure it may just be because you are low on oil in general. Rotaries burn oil during the combustion process and use a good amount of it during normal driving. Check it out and get back to us.

 

What he said

 

Very, very bad stuff. I took some pictures yesterday of an engine we disassembled. Had oil problems (front cover o-ring).

We not only needed to torch the stationary bearings off the eccentric, but it took a sledge hammer to drive the shaft out of the rotors.

 

You could also run the possibility of overheating if you are low on both oil and coolant.

 

low oil or pressure is bad for any motor and a number of bad things could result nothing good though, your best bet if you have a problem fix it ASAP