How hot can Thermal Grease get? Thermal Grease is used to remove the air gaps between CPU and heatsink. However, computing aside, what would determine the max temp that the grease can handle before it burns or breaks down?
Since most thermal greases are ceramic and/or metal suspended in a silicone or organic oil, the temperature the grease remains stable at will likely primarily be determined by the properties of that oil -- either its ease of evaporation, or decomposition temperature (or, I suppose, its flashpoint, but that seems unlikely).

As Ben Norris says in the comment above, your best bet is to contact the manufacturer or check their data sheets: for common CPU uses, most manufacturers will give you stable and extreme temperature ranges which are likely to be fairly conservative (for example, here), and they may be able to help with more esoteric data if you're using it for other purposes.