What happens after incorrectly entering a PUK code 10 times?

My sister brought home an Iphone 4 or 4s from work a couple years ago after no one claimed it. I never touched it until now just looking through it. Well the Sim is locked ofcourse and there's no password on it. All I want to do is play games so what would happen if I put in the wrong PUK 10 times? Can it erase everything? Will it notify the carrier? Will it entirely lock me out? What happens if I factory set?

It might. Especially if it is in lost mode. You can see if wiping the thing will allow you to get in, it just all depends how much you want this thing to work.