I found a chain of events on the wiki where you can, in fact, get caught by the Devils’ hunt, which causes you to simultaneously get 15 levels in Wounds and Nightmares – except the wiki cuts most of the text out, and it can only be accessed through the locked Mr Eaten quest. Argh! I want to know! And then regret finding out! It’s in the spirit of the search, is it not?
I think that only happens if you stain your soul and then subsequently sell it - the devils track you down and forcibly re-insert it in an excruciating and lethal manner, because they’re angry that you’ve tricked them by selling them “damaged goods”.