Ranko:  [thinks]   If that water had hit him and he'd changed
        while he's got that chain around him, he would've been
        crippled or even killed.  Or Akane would've killed him. 
        [turns back to Kodachi]  Now I've got to fight her with
        the pig *and* my arm holding me back.

He would get hurt from that? But in Ranma 1/2, Ranma and Ryouga DID get 
hit by the hot water, and Ryouga did become human with the chain around 
his neck for a brief moment. And he seemed to be fine.