This experiment can easily turn into a once-in-a-lifetime experience, as your hearing fades away when playing that 120dB tone you need to get 120dB above threshold of hearing (before the damage occured..) at 0dB.
It depends on threshold - how loud minimum spl is needed to hear anything, and how masking from the loud sound works, part from the maximum limit before damage to hearing occurs.
In a reasonably quiet room, with background noise in the 20-40dB range, you may be able to hear a continuous tone at around 0 dB. A transient sound at low frequencies can easily reach 120dB before it gets very uncomfortable. If two continuous tone are playing simultaneously, the louder 120dB will mask the 0dB, so you can not hear the quiet tone. But time is the clue here - a loud, transient sound will mask the quiet tone, but after some time, you will again hear the quiet tone. But 120dB dynamic range is huge, there are no recordings with anything close to that dynamic range, even 100dB is well beyond limits of any acoustic recording.
Still, it makes sense to have 120dB dynamic range - being able to play 120dB, while having no audible noise when no music is playing. Transients at lower frequencies easily reach beyond 120dB peak level when you turn up the volume on a capable system.