If he sprays it in dry,depending on the amount of course is a bit on the risky side.A lot of ricers use Nos and insane amounts of boost.To get that 10ths less on the ET is important to some,but I wouldn´t recommend it if you´re depending the car to get you home from the track.So he may be using it not only as a cooling agent,but also to get even higher cylinder pressure.I would rather inject methanol it´s safer and cheaper.Or run E85 and crank up the boost some more and use methanol injection.Methanol and Ethanol have a very similar density.That GT3076 will take you past 2 bar..
GO GET `EM WALLY!!