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Pixy's response on the penalties for excess contributions to IRAs is excellent. Being a professional nitpicker, I can't resist pointing out that although there's nothing to stop you from starting multiple IRAs of $2,000 each (and thereby incurring some pretty stiff penalties), you really can't contribute more than $2,000 to a single IRA except in a rollover contribution (unless the IRA trustee is asleep) because one of the specific requirements for an IRA is that the governing instrument prohibits non-rollover contributions in excess of $2,000.

KAT in Chicagoland
Tax Guide for Investors
Now with expanded and revised
Roth IRA information
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