Notfree,
That water/alcohol mix has been in use for decades. If you ever flew on a DC-6, you used it. They call it ADI (Anti-Detonation Injection). It has a lot of neat things it does, it cools the cylinder and causes a significant boost of cylinder pressure (what makes the torque so you can have horsepower).
It also has some problems and these are why it was not widely added to passcar applications. Just one of those is that it can very easily cause cylinder pressures that cannot be accommodated by the hardware. So, things come apart in catastrophic style. If the engine's existing ECU is used to control it, this should not be an issue.
The second problem is corrosion. If and ADI engine is shut down while ADI is in use, there will be wet water left where there should be none and the damage done can be a disaster. Can you imagine this restriction on a typical passcar driver??
Then, there are emissions issues that I will not go into at all as I do not have the time.
Matt - a dyno lab refugee