The first and foremost rule with ANY input, not just $_GET but even with $_POST, $_FILES and anything you read from disk or from a stream you should always VALIDATE.
Now to answer your question in more details, you have several HACKS that exist in this world. Let me show you some:
XSS injections
If you accept data from the URL such as from the $_GET and output this data without stripping out possible tags, you might render your site prone to XSS injection or code injection. For example:
http://myhoturl.com/?search=<script>window.location.href="http://thisisahack.com/"</script>
This would output a hack to your site and people would be redirected to another page. This page could be a phishing attempt to steal credentials
SQL Injection
It is possible to inject SQL to your application. For example:
http://myhoturl.com/?search=%'; UPDATE users SET password=MD5('hello'); SELECT * FROM users WHERE username LIKE '%
Would make your SQL look like this:
SELECT * FROM articles WHERE title LIKE '%%'; UPDATE users SET password=MD5('hello'); SELECT * FROM users WHERE username LIKE '%%';
And thus you'd update all your user's password to Hello and then return something that doesn't match.
This is only a brief overview of what you can do with SQL injection. To protect yourself, use mysql_real_escape_string or PDO or any good DB abstraction layer.
Code injection
Lots of people like to include data from somewhere on the disk and allow uploads of files. For example:
//File igotuploaded.txt
<?php echo 'helloworld'; ?>
And the url allows you to INCLUDE a file by name. ?show=myhotfile.txt
//In this file we include myhotfile.txt
include($_GET['show']);
The person changes that to ?show=../uploads/igotuploaded.txt and you will run echo 'Hello world';
That is dangerous.
rule of thumb... NEVER TRUST USER INPUT, always validate, prevent, validate, fix, validate and again correct...
Good luck
addslashes(mysql_real_escape_string(strip_tags(floatval())));
– Divisive