Have you ever wanted to do something INSANE and long?
The question I asked to make me do this: "What if they revoked the [damage] cap and you could do like 2 billion damage?" So, here's all of the possible modifiers you can add to boost damage. Keep in mind doing all of this would require multiple ports back from the supporting cast and could only be done with a very specific combination of gear/pets AND jewels. You also have to factor opponent block (if any), opponent attacking and having to compensate with heals/shields (if any, using a private pvp circle this can be done more easily), and gear/pet stats. Optimally, you'll have a pet with dealer, double giver, and 2 selfish talents which significantly boost your max pet stats.
school blade (x7) balanceblade (x7) ele/spirit blade (x7) dragonblade (x7) supercharge (ice, storm, death only) feint (x6) uni trap (x6) ele/spirit trap (x6) school trap (x8) opposing school trap (using prism, x8) opposing school ele/spirit trap (x6) backdraft (fire only) global spell, frenzy (+40% damage), x14 pips+315 (x spells), crit doubles it (0 block enemy), boost using opposing school, incindiate (via dot)
This means there are 72 total possible boosts for ALL schools, and up to 74 for certain schools.
There are 28 possible charms for all schools except balance
There are 40 possible traps for all schools expect balance
There are 4 possible "other" boosts (3 for balance unless boosting using spirit prism)
There are 3 school-dependent boosts, a maximum of 2 total can be used.
From this, you can imply that it is likely a billion damage could be dealt with no cap, depending on gear. However it's only likely possible for Storm, Fire, and Death, as they all have high damage output. (And have school-dependent boosts).