It generally seems like a bad idea, but as long as you're just doing it with two ordinary mics into a mic preamp, I don't think you're likely to destory anything.
Edit: Phantom power? That could possibly kill stuff, at least if you don't wire it all properly.
"Y"ing two outputs into one input is usually bad practice. It strikes me as more so in the case of microphones. Consider that microphones (some of them anyway) put out a fragile little signal that's highly sensitive to the load (input impedance) of the preamp it's connected to. Now, suddenly, each microphone's output is connected not only to a preamp, but to another microphone.* I suspect the impedance of the microphone is lower than the preamp, so you dramatically drop the impedance the microphone sees. You may wind up with more current flowing back and forth between the mics than into the preamp.
Mixing two microphone signals together is what mixers are for. I think there are some simpler boxes which do nothing but combine multiple mics into a single signal, which are used in broadcasting.
A general extrapolation:
Y-cables are good for connecting one line-level output to two line-level inputs, at least assuming you're using ordinary, modern equipment. Input impedances of ordinary, modern audio gear are orders of magnitude higher than output impedances, so one output can easily feed more than one input.
Y-cables are not so good for connecting two outputs into one input. Depending on the gear, and your expectations, you might accomplish something you deem worthwhile by doing so, but it's not a great idea.
Y-cables call for great hesitation when connecting anything other than regular line-level audio. Using a Y-cable to connect an amplifier out to multiple speakers, for example, is a really bad idea, and might spell the end of the amplifier in some cases. At the risk of stating the obvious, don't even try to make MIDI Y-cables. While connecting two microphones together (as you've proposed) isn't likely to blow anything up, do not get the urge to Y-together a microphone and the output of something else (like, say, a power amplifier).
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*A side point: as many people know, you can use a speaker as a microphone (not a very good microphone, though supposedly some people use them for bass drums). What you're kind of doing here is using each microphone as speaker (a really bad speaker, particularly since you're not giving at much of a signal).