I would think that cheating, by definition, is breaking some pre-defined set of rules. Unless you're racing in a sanctioned competition that prohibits the use of nitrous oxide, it's not cheating. It has always been regarded as a great bang for the buck, and with good reason. If your budget and time don't permit extensive engine modifications, nitrous oxide allows you a significant horsepower gain quickly and inexpensively. It also allows your engine to behave in a stock fashion when N2O is not in use. Just my $.02.
Nitrous use does raise cylinder temperatures, however, it is manageable by retarding ignition timing, and increasing fuel octane. Generally, you'll want to use premium unleaded for a street car, or perhaps race gas at the track. A rule of thumb is 1 degree of timing retard for every 25hp of N2O.
The most common mistakes are usually lack of timing retard, failures of the fuel and ignition systems, faulty wiring, and greed. Before using nitrous, make sure your ignition and fuel systems are adequate. New spark plugs (not platinum), check your wires, cap and rotor, ignition coil, fuel filter, fuel pump, etc. If there are any weaknesses in those areas, N2O tends to expose them quickly.
Other than that, if your engine doesn't burn oil, and you have good ring and valve seal, there shouldn't be a problem. I have seen plenty of engines with 100,000+ miles on them run nitrous without difficulty.
If you would like more information, please have a look at the info site in my sig, or feel free to email me anytime.
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