I have tried to execute the query and got a different result, 
 

CREATE TABLE 
VENKAT_TABLE (ID INT IDENTITY(1,1))



INSERT INTO 
VENKAT_TABLE DEFAULT VALUES

GO 100

Detailed steps:
1. Created table
2. Insert records in the table with default values
3. Execute the statement for 100 times.
Oops.. One record inserted and for second am getting the error as.... the table is already exists.
Reason,
The "GO" statement is considering both the statements above it and it's trying to create the table and insert the record into it. 
 

      
CREATE TABLE VENKAT_TABLE (ID INT IDENTITY(1,1)) 




      GO  -- Should have seperate GO 
here.

      INSERT INTO VENKAT_TABLE DEFAULT 
VALUES

      GO 100

Cheers,

Venkatesan Prabu .J
Head - WWW.Kaashivinfotech.com
http://venkattechnicalblog.blogspot.com/