What happens if you don't put your air conditioner in a window?

I have a portable AC unit and it's a huge pain to take it out of the window every night (it uses a sliding accordion-style seal so it would be easy for a thief to break in silently by unscrewing it). Can I just point the exhaust into another room, or would that cause issues? I know about the water it generates, so I'd put it on a towel.