I saw once on YouTube where someone tried to destroy a Windows XP Virtual Machine (of course, being a VM, it could have behaved differently from a physical installation) by deleting all the system fonts. After doing so, the Start button was rendered with a question mark in lieu of the 'Start' label. Additionally, Windows failed to draw the text on system dialogs due to its lack of font resources, so dialog boxes and buttons were rendered blank. Plus, it caused performance issues, causing the system to run very slowly.
Also in this video, I did see that Windows regenerated some of its basic fonts, such as MS Sans Serif, Times New Roman, Arial, Impact (as I seem to recall), and a few others, but I still would avoid doing it due to the critical issues it would cause.