If you brick a razr can you factory reset it and it will be fine?
"Brick" means it's completely dead, so I'm not sure what you're meaning, here. You can hard reset from a lockup, and there are files now for factory reseting in the case of a huge software malfunction (like a bootloop).
[Fastboot Files] Gingerbread 2.3.5 CDMA Droid Razr XT912 Verizon USA [Fastboot Files] - xda-developers ).
This is a method of flashing a ROM that can be done from within the phone's recovery menu - and again, as long as you can get the phone to boot into recovery. The method is explained in the thread there, but if you need additional help there are plenty of people here on the Droid RAZR Hacks forum.