What are the negative effects of overfulling your engine oil by 2 quarts?

Specs:
1999 Camry
Milage 122000
Vehicle is in mint condition inc. engine and tranny

does a 99 ce have abs?

Too much oil can cause cavitation (air bubbles) in the oil. This will cause excessive wear. It's nearly as bad as not having enough oil. If you've run it more than a couple hundred miles like this, you may have decreased the life of the engine. If it was less than that, I wouldn't worry about it.

According to MSN Autos, ABS brakes were optional on your car. If you see an ABS warning light on the dash at startup, you have ABS brakes.

Pull the drain plug long enough to get the extra oil out. Check the level on the dipstick and keep the level where it should be. You may have no problem if you do it soon.

As RIP and Brian have noted, overfilling is bad juju. You can wind up blowing seals. Up on the ramps, crack the plug, drain as needed. Ramps will cost you $30. Engine repair will cost you $1000. The math seems simple.