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Nothing will happen if you keep installing and uninstalling Minecraft. Minecraft does not track how many times you have installed it nor does track how many computers you have it installed on. The only drawback is if you uninstall Minecraft by deleting the .minecraft folder you will lose all of your saved worlds on that computer.
You can do 3 different things for this task, if you wish to COMPLETELY reset your minecraft, simply go into the command bar & type %appdata% (enter) and right click on a file labeled .minecraft and hit delete. The next time you start minecraft the application will download a new copy of the data after you sign in. If you want to clear your worlds then just delete them all from inside the menu. If you want to reset ALL the minecraft everything then delete .minecraft & the shortcut then you have to go to the site to get another copy but you will have NO DATA that minecraft ever existed except if you have keyloggers installed on your computer. (lolz)
Just delete the folder with your Minecraft server stuff and you're done.
No
Unfortunately, there is no current way to delete a minecraft account. Unless, of course, you email the developers.