This is a possible attack, but not in the way you suggest. You can DOS the nodes connected only to you, reject their blocks, and reject their txs. In theory, it should also be possible to fake tx to them (double-spend) and not broadcast it over the network, but this is very dangerous since you must keep them in quarentine until the coins are confirmed to be spent into your other wallet. (and you don't know if they are in quarentine or not).
This attack is very dangerous, and costly since many IPs in different blocks (bitcoin allows only one connection per block) needs to be purchaced. To avoid this attack, remain well-connected, keep a peers file on your computer and do not rely on IRC too much.
That sounds like a good plan. I feel that I am safe as I've get a good 100 connects on my computer. Its the windows peeps I feel are vulnerable, especially since 60% or more of bitcoiners use windows while sending and receiving coins.
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