In addition to clipping in the recorded signal (as shown above) you can also experience clipping in your playback system even though the recording is not clipped. If you drive your amp to the extent that the output waveform hits the limit of the amp, the generated output will flatten out just like in the picture above. That is very bad for your speakers.
You can over drive an input anywhere along the chain from mic to speaker and clipping will occur at that stage.