"Excessive wheel slippage may be caused by sand, gravel, rain, mud, snow, ice, or excessive and sudden increase in RPM while in NEUTRAL or while driving."
Huh? Wheel slippage might be caused by excessive and sudden increase in RPM while in neutral? Isn't there an FMVSS regulation about vehicle movement in N?
As far as running at high RPM a lot, yes it will wear the engine out faster. Lots of heat and friction in the engine. The faster the engine goes, more heat is created since you have more power strokes occurring. This causes the oil to break down faster. There are a million more factors...
The powertrain in most vehicles is tested for 150,000 miles while getting crap beat out of it at all RPM ranges. But add in manufacturing variances or defects, owner maintenance intervals, etc and the life could easily be shortened. The engines being tested are likely prototypes that were not build on a real assembly line. They may even be completely handbuild using no real production processes. They don;t have the same problems that might pop up on the production line. And they usually have different tolerances.
If you want to drive it like you stole it, get 24 month leases. Always in warranty, never have to buy new tires, basically change the oil and gas it up.