Don’t do it! I can’t speak to all fields but in any technical field it will be caught in the interview or before. I would guess that in most cases it will just result in you not getting the job, but really don’t do it. Remember many facts can be checked these days with google in about 2 minutes!
However you should always get someone else to edit your resume. If you have spelling mistakes or the like on it it will end up in the trash. Always remember that the person reading it has a pile of them on his or her desk and has to find the four or five good ones to interview. So spending time making it look good is time well spent. If you don’t have work experience there are still things you can do. Look on monster and some of the other job hunting sites for ideas.