Some correct running forms I have seen is keeping at a steady pace. They don't try and push themselves to exhaustion. When they run, they land mid foot. They don't press down on their heel or toes.
Some incorrect running forms I have seen is they try and stay on their toes. With each step they hurt their toes because all that weight presses down on it and can damage the bone structure.
Some risks of incorrect running forms is that if you run a different way than normal it could put weight on a sensitive part of the body, breaking or injuring it. You also could trip while running a bad way and it could end up badly.