Can loudspeakers really catch fire if you crank the volume?

Hi, I just started reading Daniel Levitin's book, "This is Your Brain
on Music" and in the introduction he says that in his college days he
listened to music at such high volumes that: "I actually set my
loudspeakers on fire by cranking the volume too high." Is this
hyperbole, or can this really happen? Has anybody here ever
experienced this? Thanks!