Well something might get destroyed, but most likely the FTDI basic module. The Spark fun schematic for the FTDI basic says it's default wiring option is set for 3.3vdc and wiring that to your +5vdc power bus on your breadboard is sure to be dramatic for the FTDI module! Simply don't use a jumper wire connecting the FTDI's power pin to your breadboard, just leave it unconnected. Also you should modify the FTDI basic to utilize +5vdc signals rather then it's default 3.3v signal levels, the FTDI basic schematic shows where you can cut a trace and solder a different trace option to force the FTDI to use +5vdc signal levels.
http://www.sparkfun.com/datasheets/DevTools/Arduino/FTDI%20Basic-v21-5V.pdf
Sorry about that, I should have made it clear that the power adaptor will not be plugged in when the FTDI basic is connected to a USB port. I also have an FTDI Basic variant with a jumper pin (no soldering, the type you find on motherboards) and have set it to 5V. However I still think that the regulator will be killed but I'm not sure. I guess one way of finding out is to just try it but what would the symptoms of a voltage regulator killed by reverse bias be? would it not pass any voltage at all anymore or would it pass an unregulated voltage?
I was thinking of replacing one wire like this so that Vcc is on the other side of the regulator.

However, I've read that a voltage regulator must be fed with a voltage slightly higher than your target (5V) so if the USB Vcc is 5V (already regulated?) then this is not wise, correct? I guess another option is a diode but I don't have any so I'm looking for an alternative.
I've read you can use the FT232RL on the FTDI basic in bitbang mode to burn a bootloader. Unfortunately all the tutorials seem dated and I can't get them to work:
http://doswa.com/2010/08/24/avrdude-5-10-with-ftdi-bitbang.htmlhttp://www.ladyada.net/learn/breakoutplus/ftdifriend.htmlThe Android-IDE keeps throwing errors at me so I was wondering if anybody has had any success or if it's still possible.