You'd be labelled as a hoon, and get your car towed away plus a big fine (really).
You can get a temp permit to drive an UNREG car when you have just bought it. I believe you can also drive it to and from the most practical place to get it rw'ed, without it being registered.
EDIT:
http://www.vicroads.vic.gov.au/Home/Regist...hiclePermit.htm
http://www.vicroads.vic.gov.au/Home/Regist...eredVehicle.htm
Looks like you cannot even drive it to the place of RWC without an unregistered permit. Since the license is suspended it cannot be driven AT ALL, nor can you get an unregistered permit.