as long is it plays uninterupted, you and your needle are ok.
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To check for warps when browsing the used bins: pull the LP from the sleeve (which you do anyway to check for overall condition, right?), lay the jacket and sleeve on reasonably flat surface, lay the LP on top of the sleeve, see if the LP generally makes contact with the sleeve/jacket around its circumference. Any significant warping will be reasonably apparent.
As to playback, I follow Jaybo's advice.
I've found the only fool proof way to check for a warp is to place the record on a turntable and spin it around - very obvious when you do this. Unless I really want the record I don't buy warped records as they are virtually impossible to dewarp. That said, I do own a few warped records and as long as the warp is not severe they play fine.