To be a bit more complete on this answer I would add the following.
You have to define what you mean by "will it hurt my engine." From the perspective of an ocassional fling at the redline, I think the advice above is quite sound.
However, if you want a more complete picture of "hurt," the fact is that routinely revving your Box up near redline will prematurely lead to your engine's decline and certain death.
I recently read of tests conducted on this very subject. Basically, above a certain level, higher average piston speeds and RPMs led directly to shorter engine lives.
Put another way, if I average say 3000 rpms over 5000 hours of driving and you average 4500, you will, on average, be visiting Porsche for that new motor a lot more quickly than I will.
This is not to say you should not drive this way, simply that overall, there is no cheating the man!
Drive safely, buckle up!!!!!!
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