I'm not entirely sure what Soundmasterg meant, but, if the bass cabinet is wired for 16 ohms, adding a second cabinet at 4 ohms would take pretty much all the power from it. If it is 16 ohms, and the head running it is solid state, then there won't be much power available. Let's say the amp is rated at 150 watts at 4 ohms. That will give you about 80 watts at 8 ohms, and 40, 45, maybe 50 at 16 ohms. It would probably be better to wire it for 4 ohms, and get the full power out into the cabinet.
You ask, "Under what conditions would someone wire a 2X15 bass guitar cab @ 16ohms? Could it damage something, if so what?" You'd want to wire it for 16 ohms if you planned on using several of them. One head could run four 16 ohm cabinets, and only see a 4 ohm load. Nothing would be damaged. Solid state amps are voltage sources, and tend to be damaged only when they are asked for more current than they can provide, as when the load impedance is too low. Tube amps are different, and should have the impedance more closely matched.
Finally (for now!), the port in a cabinet sets up an acoustic resonant circuit called a Helmholtz resonator, which increases the output within its resonating band. It generally adds half an octave to an octave on the bottom end, at the expense of a much steeper rolloff below the cutoff frequency. If you want to learn more, I suggest starting with "The Loudspeaker Design Cookbook" by Vance Dickason. It's aimed at home stereo speakers, but there's a lot of good information there.