Doesn't have to be global - could be a member that gets modified in a callback, or that goes out of scope because something else gets deconstructed.
I'd also like to inquire as to what nontrivial codebase you've seen that contains no fairly stupid programming. I keep hearing about them, and trying to prove their existence, but so far I've collected more concrete evidence for the existence of bigfoot than I have for the existence of such codebases.
/* XXX the argument might be the same as the global value we're about to modify. API designers, eh? */