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Re: what happens...
You'll have an exhaust leak. The bike won't run quite right. It creates a lean condition on exit and over time can burn up your exhaust valve.
You just need to get some replacement bolts if the original bolt can be removed. If it's just loose, then tighten it up. If it's broken, then I would take it to a machine shop and see if they can remove it for you, if you don't feel like you can do it yourself.
You can ride the bike like this in the short term if you HAVE to, but you need to get it fixed. I'm not kidding about burning valves.
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