Actually there is a limit for the number of controls you can put on a form. It's an operating system restriction and is around 10 000 controls (sometimes higher, sometimes lower), but you can change it at the OS level if you want (not really recommended). The limitation is actually the number of handles the operating system supports, and every control gets its own handle. When you reach this limit you get an exception.
Error creating window handle.
I made a tester a while ago when I discovered the issue, you're welcome to play around with it. The executable doesn't work, so just copy/paste the code into a new project.
If nothing else, this will let you find out roughly where your OS limit is ;)
http://members.shaw.ca/gtexmo/Progra.../HandleTester/
I did some quick testing because I haven't played with it in a while and it looks like once you hit this limit, your program can't create any new handles, but the OS still can. I'm not really sure how it works, this was a couple years back, but you can look into it.
Anyway, you should never actually hit this limit. As hype said, you shouldn't crowd your form with too much stuff. If you find yourself getting that high on the control count, you might want to start thinking of alternative solutions.