The damage doesn't matter at all for applying the status, only your status chance applies. Although, the amount of damage you have does matter for the damage of the ailments. You can only apply 1 stack of 1 ailment at a time at base, but you can get a passive that allows you to apply 2 different ailments, apply 2 of the same ailment, and so on. Stun (from physical damage) and freeze (from ice damage) don't stack.
The amount of ailments you can stack on an enemy depend on how many damage types you have and the ailment stacks you have. I saw in a build somewhere that you can get about 30 stacks of an ailment, but since you can have multiple ailments, that number obviously goes up. Unless you have a lot of attack speed and ailment chance, though, it doesn't seem worth it to go with more than 2 damaging ailments.