This is something that should never be done to a card. I ran across this example while doing research online. This card was "saved" from a card shop fire. I'm not sure that saved would be the right word for it though.
I would think that this card would hold a lot more sentimental value than actual value. Still, it's a 1960 Topps card of Willie Mays. That's got to be worth something. At best, this card would make a perfect placeholder for a set builder or a great conversation piece.
I know some things can't be prevented easily, but it still pains me to see a card in this condition. Especially a Hall of Fame player's card in this condition. True, this is a base card, but I think it epitomizes the meaning behind "Things Done To Cards". It stopped being a base card the moment the flames started to eat away at the card. Now it is a one of a kind card that people instinctively turn away from.