Have been reading this thread for the past few days and have PMSL, great to read a thought provoking thread mixed in with humour, very entertaining! Agree with NEiL though, even with the cat looking like its got the cream.
As said before by NEiL, assuming the wheels/tyres can take the force of the thrust and don't melt etc any force that is produced by the engine is transmitted through the wheels, and through friction, the plane would normally gain velocity as the wheels turn against the stationary ground. With the belt instantly reacting to the speed of the wheels, the plane doesn't have any velocity as the belt, in a way, is moving the plane backwards as fast as the plane is trying to move forwards. The plane is in effect, stationary. No airflow, no lift etc etc Any extra thrust that is dialed in is just moving the wheels faster, which causes the belt to move faster. Nothing happens! No take off, just lots of noise.
Now that I've just repeated what a couple of others have already said and got my 2p worth in, I will wait to be called an idiot...