Haha.. no worries..
The axle nut uses three stacked rings inside of a metal retainer.
Upon tightening this nut to the recommended 214Ft/lbs (208 is the generally accepted value here, however..) you are preloading that wheelbearing. The entire weight of the car is resting on that wheel bearing, and is only held upright by that nut.
It is possible that you MAY be able to re-use it. (notching it merely to keep tabs, I take it..) BUT:
The established replacement practice (Ford, CEG, major mechanics) is that its a one-time use nut, and should be replaced ANY time the load is removed from it. While I can't quote you specific instructions, nor link you to actual data on reasoning, I can only recommend what is safe, and accepted, pretty much industry wide. (Most shade tree mechanics not included, I am sure. Simply from lack of knowledge or understanding, really..)
At 8.50-ish, its a helluva lot cheaper than a new car, or a hospital bill...
So, while what you have heard MAY work, I certainly won't be one to advocate that action, and would be hardpressed to see anyone do the same. I will let you make that decision on your own, but you know where I, and the majority of any others, stand.

:P
Ray