Well, I don't want to get into a pissing match my first day on the board, but for someone who seems to think they know their stuff concerning nitrous, you got a lot wrong there.
Nitrous oxide is not a fuel, it is an oxygenator. It carries a higher density of oxygen than air, so injecting it allows more fuel to be burned, thus allowing an engine to produce more power than normally would be possible. In an rc application, one would need to create a secondary fuel delivery system to add the needed extra fuel to make more power and keep the engine from running lean.
The highly pressurized vapor would also provid a cooling effect, however that effect would be negated by all the extra comustion occurring in the engine. Nitrous in a 4 stroke usually require a lot of ignition retard to avoid damaging detonation.
Long story short, it would be a silly ricer/bling add on to an rc, unfortunately, people's mis information has made it much the same in the automotive world.