I took both semesters of physics at two different CCs, and I got into every school of my choice. It would be important that you do very well, though, especially if you are taking everything else at a 4 year university. As style said, definitely be sure that the school(s) you are applying to will accept that specific course in physics before you take it at the CC. My advisor actually TOLD us to not take physics at the university, but to take it at the local CC.
It really depends on the school, but I haven't really ever heard of an instance where it was an issue if you took a class at a CC.