Regarding the following statement from n3242 draft C++ Standard, paragraph 6.6.3.2, your example yields undefined behavior:
Flowing off the end of a function is equivalent to a return with no
  value; this results in undefined behavior in a value-returning
  function.
The best way to see what actually happens is to check the assembly code generated by the given compiler on a given architecture. For the following code:
#pragma warning(default:4716)
int foo(int a, int b)
{
    int c = a + b;
}
int main()
{
    int n = foo(1, 2);
}
...VS2010 compiler (in Debug mode, on Intel 32-bit machine) generates the following assembly:
#pragma warning(default:4716)
int foo(int a, int b)
{
011C1490  push        ebp  
011C1491  mov         ebp,esp  
011C1493  sub         esp,0CCh  
011C1499  push        ebx  
011C149A  push        esi  
011C149B  push        edi  
011C149C  lea         edi,[ebp-0CCh]  
011C14A2  mov         ecx,33h  
011C14A7  mov         eax,0CCCCCCCCh  
011C14AC  rep stos    dword ptr es:[edi]  
    int c = a + b;
011C14AE  mov         eax,dword ptr [a]  
011C14B1  add         eax,dword ptr [b]  
011C14B4  mov         dword ptr [c],eax  
}
...
int main()
{
011C14D0  push        ebp  
011C14D1  mov         ebp,esp  
011C14D3  sub         esp,0CCh  
011C14D9  push        ebx  
011C14DA  push        esi  
011C14DB  push        edi  
011C14DC  lea         edi,[ebp-0CCh]  
011C14E2  mov         ecx,33h  
011C14E7  mov         eax,0CCCCCCCCh  
011C14EC  rep stos    dword ptr es:[edi]  
    int n = foo(1, 2);
011C14EE  push        2  
011C14F0  push        1  
011C14F2  call        foo (11C1122h)  
011C14F7  add         esp,8  
011C14FA  mov         dword ptr [n],eax  
}
The result of addition operation in foo() is stored in eax register (accumulator) and its content is used as a return value of the function, moved to variable n.
eax is used to store a return value (pointer) in the following example as well:
#pragma warning(default:4716)
int* foo(int a)
{
    int* p = new int(a);
}
int main()
{
    int* pn = foo(1);
    if(pn)
    {
        int n = *pn;
        delete pn;
    }
}
Assembly code:
#pragma warning(default:4716)
int* foo(int a)
{
000C1520  push        ebp  
000C1521  mov         ebp,esp  
000C1523  sub         esp,0DCh  
000C1529  push        ebx  
000C152A  push        esi  
000C152B  push        edi  
000C152C  lea         edi,[ebp-0DCh]  
000C1532  mov         ecx,37h  
000C1537  mov         eax,0CCCCCCCCh  
000C153C  rep stos    dword ptr es:[edi]  
    int* p = new int(a);
000C153E  push        4  
000C1540  call        operator new (0C1253h)  
000C1545  add         esp,4  
000C1548  mov         dword ptr [ebp-0D4h],eax  
000C154E  cmp         dword ptr [ebp-0D4h],0  
000C1555  je          foo+50h (0C1570h)  
000C1557  mov         eax,dword ptr [ebp-0D4h]  
000C155D  mov         ecx,dword ptr [a]  
000C1560  mov         dword ptr [eax],ecx  
000C1562  mov         edx,dword ptr [ebp-0D4h]  
000C1568  mov         dword ptr [ebp-0DCh],edx  
000C156E  jmp         foo+5Ah (0C157Ah)  
std::operator<<<std::char_traits<char> >:
000C1570  mov         dword ptr [ebp-0DCh],0  
000C157A  mov         eax,dword ptr [ebp-0DCh]  
000C1580  mov         dword ptr [p],eax  
}
...
int main()
{
000C1610  push        ebp  
000C1611  mov         ebp,esp  
000C1613  sub         esp,0E4h  
000C1619  push        ebx  
000C161A  push        esi  
000C161B  push        edi  
000C161C  lea         edi,[ebp-0E4h]  
000C1622  mov         ecx,39h  
000C1627  mov         eax,0CCCCCCCCh  
000C162C  rep stos    dword ptr es:[edi]  
    int* pn = foo(1);
000C162E  push        1  
000C1630  call        foo (0C124Eh)  
000C1635  add         esp,4  
000C1638  mov         dword ptr [pn],eax  
    if(pn)
000C163B  cmp         dword ptr [pn],0  
000C163F  je          main+51h (0C1661h)  
    {
        int n = *pn;
000C1641  mov         eax,dword ptr [pn]  
000C1644  mov         ecx,dword ptr [eax]  
000C1646  mov         dword ptr [n],ecx  
        delete pn;
000C1649  mov         eax,dword ptr [pn]  
000C164C  mov         dword ptr [ebp-0E0h],eax  
000C1652  mov         ecx,dword ptr [ebp-0E0h]  
000C1658  push        ecx  
000C1659  call        operator delete (0C1249h)  
000C165E  add         esp,4  
    }
}
VS2010 compiler issues warning 4716 in both examples. By default this warning is promoted to an error.