This idea is used commonly with PCI cards and is known as reflected wave signaling. To get a 3.3V signal a 1.8v signal is sent and a short time later the reflected wave will show up at 3.3 ~ 3.6V, *because the data line is unterminated*.
To avoid ringing use termination resistors, it increases power disipation and signal rise times (dv/dt), but restricts overshoot.
However many IC's (especialy CMOS) have an input protection network of diodes and resistance that protects the input from overvoltage low current spikes. Look at the datasheets for the particular device