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As far as I know, the AdWords system has to recognize at least one character per line. If you meet this criterion, you're cool.
No, this ad will get removed... either on its own, or via inquiries from other advertisers. I've seen similarly bizarre ads... one that contained 'music note' symbols (which is against policy), for example... but most don't last more than a few hours.
[edited by: Sana at 3:16 am (utc) on Sep. 7, 2007]