http://mywebpages.comcast.net/flipkid/shocktower.JPG

That is what my shock tower looks like. I tried to tighten the nut more, but couldnt. Are there any negative effects that might happen? I doubt the nut will come off, but what could be some problems?

You mean the oil leaking? I would get that checked. Might have blown your shock.

thats not oil leaking, i sprayed some pb blaster on it.. the problem is the nut is stuck and i cant get it tighter, will it be ok if it isnt tightened anymore?

Which nut? One under the red cap or the one on the shock tower? They both seem fine.