Wiring a 115/230 VAC power supply without a wall plug poses significant safety risks, particularly regarding fire and shock hazards. Users are advised to understand transformer configurations, as equipment designed for different voltages may have multiple wiring options. A multimeter can help identify the correct wires, but connecting new cables directly to the power supply's cut wires is discouraged. Proper anchoring techniques should be followed, and safety precautions must be taken when working with live power. Overall, the discussion emphasizes the need for knowledge of electrical safety before attempting such wiring projects.