Listening to music on a cell phone using headphones. Can it damage your hearing?

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I recently got a new pair of headphones for my k750i, I got the HPM-70 head set. It's really good, it's a in-ear type head-set. You can't hear any background noise with it. When I got it I was thrilled, but after using it a whole day, I noticed that I heard ringing in my years. A friend of mine told me that's because some cells whitch are responsible for reproducing the frequency I was hearing ( the high pitch ringging ) were dying. So that was the last time I could hear that specific frequency. He really freaked me out, now I'm listening to music at half the volume max. What do you thing, is the cell dying theory for real?