This is a pretty interesting idea that I hadn't thought of. Presumably this means that things like what happened in The Matrix would be possible: people could give themselves the ability to defy gravity and fly, create on-demand barriers to stop projectiles, and in general warp space and time as desired. Essentially, "magic" would be real.

I wonder, though, if we might catastrophically "break" physics in some ways someday, but instead of seeing that as evidence that we're in a simulation (that we have managed to hack), we might believe that our understanding of fundamental physics is just flawed.