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Water injection is common practice among those turbocharging their cars for big gains, misted into the engine, it cools the internals allowing more boost and timing where otherwise things would get too hot and detonate. The quenching action also keeps your pistons and everything squeeky clean, no carbon build up. Done properly, I think it would provide worth while gains on a lean burn allowing it to be pushed a little leaner without frying the engine.
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