Lithium chemistry is wonderful as long as it is used within its limits. When you get outside of its limits, it has a tendency to "rapidly vent with flame," more commonly called an explosion accompanied with a fireball.
Li-Ion cells need to have the maximum voltage to them limited to 4.2 volts. When you exceed this, you run the risk of an explosion.
Li-Ion cells need to have a low voltage cutoff. Running them below roughly 3.0 volts can ruin the cell, and it has the possibility of creating problems during the next charge cycle.
The current draw from a Li-Ion cells should be limited to twice the capacity of the cell. For example, if you have a 1200 mAh Li-Ion cell, the maximum current draw should be limited to 2400 mA. Exceeding this causes the cell to heat up and results in a reduced cycle life, and if it gets hot enough, an explosion.
The charging current for a Li-Ion cell is usually recommended at 0.7 - 0.8 times the capacity of the cell, with a maximum charge rate of 1C. If you have a 1200 mAh Li-Ion cell, the ideal charging rate would be 840 - 960 mA, with a maximum charge rate of 1200 mA. Faster charging rates cause the cell to heat up, resulting in cell damage. If the cell get hot enough, you end up with an explosion.