I am really skeptical of getting homebrew on my wii because I am afraid it will destroy my wii like some games stop working..etc. What are the dangers of installing homebrew? Would it be likely my wii will stop functioning properly? Can I still do it at 3.4U if I ever consider it? I want to hear some fail stories.

It's perfectly safe to install the HBC and Homebrew. You won't here any fail stories unless people were doing something illegal.

If you've not tinkered with your Wii already installing the Homebrew channel is very easy. As long as you get your homebrew from Wiibrew.org then there is nothing to worry about.