Fans generally have internal protection against locked rotor situations.
If they don't, a PSU won't notice. The fan will simply continue to draw it's max startup power (typically max rated power + 20%-50%) until the fan starts turning or something in the fan dies.
Example: Intel SB heatsink fan, max rated is 0.72a (on mine, anyway), given the RPM I think that probably is the startup max. When running at full blast it's probably 0.40 to 0.50 amps.
Lock the rotor and it will briefly draw 0.72 before detecting that it's not turning, then it will go limp and wait a bit (a second or two) and then try again.
Worst case it continues trying without pause and draws 0.72a until something inside dies.
Odds are good that it ends there. If it doesn't, say if one of the controlling transistors dies short circuit to GND, it will draw as much as the very thin wires to the fan allow it to. Whether the PSU notices and shuts down or not will depend on how thick the fan wires are and how much current they can flow, if they can flow enough to hit OCP (maybe on a 20a rail, possibly on a 40a rail, I kind of doubt it on a 60a rail, and forget it on a 100a rail) then the PSU will shut down. Otherwise you'll just have a dead short, the highest resistance point of which will probably be on fire, or at least glowing, shortly.
Now if the SCP in a PSU (different than OCP, sometimes) notices the sudden short, even though the short can't actually sustain enough current to hit OCP, it may shut down.
There's a lot of black magic and voodoo involved in PSU protections, I can't claim to understand all of it in detail.
So it is possible to have a blocked fan cause serious destruction, but you have to have a number of things:
1) A blocked fan.
2) No protections inside the fan (fairly rare).
3) The fan guts actually overheat (possible, but not likely with normal fans).
4) It manages to die with a short circuit. (Very unlikely)
5) The PSU doesn't notice. (Unlikely, varies by PSU)
In theory, it's possible. In reality? I'd be awfully surprised.
I'll have to make up a test rig and see if some of my larger PSUs will trip SCP with super thin wire or not. That'd be another one not to try at home.